Indian Rupee Weakens; Central Bank Ready for Action
Indian Rupee weakens by 0.2% against USD amid trade downturn. Inflation up, reserves high. PKR ends the week flat. Central bank ready for potential interventions.
Published on 24 Jul 2024
, 1 minute read
Here’s this week’s overview of the Indian Rupee and Pakistani Rupee:
Indian Rupee
The Indian Rupee closed 0.2% weaker at 83.66 against USD last week. Trading data showed a marked downturn in both imports and exports, which weighed on the currency.
Inflation, however, was above expectations along with an increase in foreign exchange reserves. The central bank is, therefore, well set to defend the currency via intervention or monetary policy if needed.
Pakistani Rupee
PKR ended the week trading flat against USD at 278. There were no data releases of note out of Pakistan in the past week.
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