While there has been enough of headwinds for Indian currency and it faced too much pressure from all possible fronts – Higher Crude oil prices, US Fed Rate increases, Rising US Bonds Yields, Rising Inflation etc., still Indian Rupee is able to largely defend itself from great fall. Indian Rupee managed to come back from exceptional zone of Rs 77 per dollar in last month. One good reason can be attributed to the stalled rising Brent crude prices that has again crawled back to $100-$110 range (even below 100$ also) in last few weeks, thanks to the growth fears in the larger economies like China and efforts for release of Crude Oil reserves by United States.
Like every month, 12th April is going to be impactful day for the currency rate as Index of Industrial Production (IIP) data is going to be released. Let us hope that the IIP Data Reading create optimism towards Indian economy growth and remains favorable impact on USD-INR exchange rate.
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