As the country is facing great famine, agriculture sector being the most worrisome sector here comes a good news from the Finance department. Indian currency has jumped up high by 28 paise against US Dollars which has settled down to $66.27. Previously on the auspicious occasion of Mahavir Jayanti, Ruppee jumped high with 9 paise closing at $66.55. Although it surged down subsequently giving Indian currency a boost.
The whole of Asian market saw a boost in currencies including countries such as Japan, Malyasia, Korea, Indonesia, Taiwan, and so on. The respective currencies jumped up niche higher against US Dollars. Malaysian Ringgit rose .87% to 3.85, Won .47% to 1130.94, Taiwanese Dollar .28%, Yen .20%, Rupiah .11% and Baht .11% respectively. On the other hand Chinese Yuan showed up a lower ratings being closed at .09% to 6.46.
According to India Ratings and Research Centre, ”“In the absence of major data releases, both debt and currency markets may extend their horizontal movement. The rupee is likely to hover in the range of 66.30-67.10/dollar over the coming week.”
US Dollars got reduced in the Dollar index with most of the major Asian currencies rising up with 0.09% settling down to 94.06. How-so-ever domestic currency has seen quite a depreciation against the greenback. Not only domestically but other currencies also saw lowing down at an extent.
The Indian Rupee which has currently risen 28 Paise against US Dollars might depreciate in upcoming days. It might reach as low as 2 to 5% CAGR in a long term basis. Also, the fluctuation ought to continue in same manner within next few months.