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India Forex Market Report - 16 September 2014

The Indian rupee hit a one-month low on Monday but rebounded over today against the US dollar. The rupee gained on trade deficit narrowing and further exporter’s US dollar selling and dollar weakness against other currencies.

On Monday Asian currencies plunged against the US dollar strengthening due to poor factory output in China that was released on Saturday. The rupee showed recovery after trade deficit had narrowed to USD 10.8 billion in August largely due to reduced import costs from lower oil prices. Wholesale price inflation (WPI) eased to 3.74 % in August, dropping from 5.19% in July, also from dropped commodity and oil prices. Crude oil prices fell to a two-year low on Monday.

In early trade this morning the rupee rose marginally by 11 paise.


UPCOMING ECONOMIC DATA AND EVENTS

19 September 2014 12h30 pm Bank Load Growth (INR)
19 September 2014 12h30 pm Foreign Reserves (INR)
19 September 2014 12h30 pm Deposit Growth (INR)

Asia Forex Market Report - 16 September 2014
Global Forex Market Report - 16 September 2014

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