Rupee on Monday closed near 17-month high and its performance has blown a lot of currencies out of the water, including the king: the US dollar. With the Indian currency gaining strength, tourists will have to shell out less for travel and this looks like an ideal time to plan a foreign holiday.
Rupee on Monday closed near 17-month high and its performance has blown a lot of currencies out of the water, including the king: the US dollar. With the Indian currency gaining strength, tourists will have to shell out less for travel and this looks like an ideal time to plan a foreign holiday.
The Indonesian rupiah, Malaysian ringgit, Thai baht and other currencies had been sliding gradually against a broadly strong US dollar this year.
Due to India and Indonesia's widening current account deficits, their currencies were most vulnerable to an anticipated withdrawal in quantitative easing by the Federal Reserve.
Indian currency rupee ended the trade at an all-time closing low of 57.78 against dollar Not only Indian rupee but currencies of other emerging markets were also battered ahead of Federal Open Market Committee meet scheduled tonight.
Higher oil prices leading to a global economic slowdown could negatively impact a number of Asian currencies, says a new report from Nomura International.