INDIAN RUPEE MAY IMPROVE TO 54-54.5 LEVEL
On Friday, the Indian Rupee registered its second biggest gain in nearly 3 years rising by 119 paise or 2.6%, to settle at the 2-week high of 55.64 against the American Dollar on robust capital inflows amid clarity on tax-avoidance rules and the unexpected steps unveiled by the Euro Union leaders to support the region’s financial system.
The Indian Rupee is also expected to recover to 54-54.50 level against the US dollar this week on the back of positive outcomes from Euro summit along with improved domestic sentiment.
However, the Indian national currency is still down at 4.6% since January and 27.4% since last August when the bad times for the local unit started after the US downgrade by S & P.
Lets hope in coming days the Indian Rupee improves to a new level.