Traders Move Away from Riskier Currencies, Including Rupee
The Indian rupee weakened today a bit as the inconclusive outcome of the Italian election made traders worry if the problems of the eurozone will resurface amid political uncertainty.
The election in Italy resulted in a divided parliament, exactly the kind of outcome that traders were feared of. This means a second vote may be held. Political tension makes Forex market participants nervous, preferring safe currencies like the dollar and the yen, while abandoning riskier ones.
USD/INR rose from 54.0005 to 54.1000 as of 18:00 GMT today.
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