Indian Rupee Slumps as Forecasts Promise Widening Account Deficit
The Indian rupee slumped today on concerns that the nation’s
India’s current account deficit increased from $12.1 billion in the second quarter of 2010 to $15.8 billion in the third quarter and may jump to $17 billion in the first half of this year, according to the analysts’ forecast. The economists predict that, as a result, the attractiveness of the rupee will fall and the currency may tumble 4.5 percent in 2011.
USD/INR jumped from 44.620 to 44.941 as of 11:06 GMT today.
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Earlier News About the Indian Rupee:
- Slower Industrial Output Weakens Indian Rupee (2010-11-15)
- Capital Inflows Bolster Indian Rupee (2010-09-24)
- Rupee Strengthens on Record Capital Inflows (2010-09-21)
- Indian Rupee Boosted by Increase of Interest Rates (2010-07-30)
- Lower Greece's Credit Rating Drives Rupee Down (2010-06-15)
3 Comments
Will INR weaken further in the coming weeks?
WILL INR COME TO 43.50 LEVELS IN COMING WEEKS
No reason for it not to.