INR Surges to 83.4 vs USD, Best Performance This Year

Here’s this week’s overview of the Indian Rupee and Pakistani Rupee:

Indian Rupee

The Indian Rupee strengthened to 83.4 against USD last week, a gain of 0.4% - its best performance this year - staging a recovery after falling close to an all-time low of near 84 for several sessions.

The Rupee hit its highest since mid-July last week, boosted by the Federal Reserve's 50bp rate cut, which most economists had not taken as their most likely scenario, as well as portfolio inflows and dollar selling in the NDF (Non-Deliverable Forward) market.

Pakistani Rupee

PKR ended the week trading flat against USD at 277.7. There we no data releases of note out of Pakistan last week.