The Indian rupee declined today as indications of the global economic recovery slowing adversely affected the outlook for currencies of high-risk emerging markets. It also resulted in speculation that as demand for exports falls, the Indian economy is likely to suffer.
For the fourth quarter of last year, the United Kingdom’s economy contracted by 0.3 percent. This contraction is higher than the 0.2 percent figure that was previously estimated. During the same period, neighboring country France’s gross domestic product rose at a lower rate of 0.2 percent than in Q3 (0.3 percent). US durable goods orders were at 2.2 percent in February, far from the 3.0 percent analysts predicted.
USD/INR rose from 50.7805 to 51.3950 as of 12:28 GMT today. The daily minimum was 50.7350, while the maximum was 51.4250.