| Date: |
09-11-2010 |
| Subject: |
Forex: US Dollar Rises Against Indian Rupee as USD/INR Trades above 44.50 |
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The US dollar has gained ground against the Indian rupee today in the foreign exchange market and touched its highest exchange rate in approximately a week after a decline last week. The high point for the USD/INR currency pair today reached the 44.74 level which marks the highest rate for the dollar against the rupee since November 1st, according to currency data by Oanda.
The USD/INR came back above the 44.50 exchange rate Monday after falling to its lowest point of the year in Friday’s forex trading near the 44.00 exchange rate.
The Indian rupee was boosted against the dollar last week as the US Federal Reserve implemented a new round of quantitative easing to help drive growth for the US economy and prompted investors to sell dollars. Meanwhile, the Reserve Bank of India also raised their interest rates on November 2nd to help fight the countries inflationary pressures. The rate hike was by 25 basis points and brought the lending repo rate to 6.25 percent and the reverse repo rate to 5.25 percent.
Source : countingpips.com
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