The rupee lost about 28% of its value from the end of 2010 through last year, making it the worst performer among 12 Asian currencies tracked by Bloomberg. The declines reversed when India raised import tariffs on gold, helping narrow the shortfall in the broadest measure of trade to a four-year low, and RBI governor Raghuram Rajan increased interest rates to curb Asias fastest inflation. The rupee has rebounded about 13% from its August 28, 2013 record, and remained little changed even during the rout in emerging-market assets earlier this year. A jump in the rupee to as high as 40 per dollar would represent a 35% rally in Indias currency from the end of last week, and send it to the strongest level since April 2008. Gilmours prediction, for which he didnt give a timeframe, is 5 rupees higher than the most bullish forecaster in a Bloomberg survey of more than 30 strategists, whose median estimate foresees the currency at 63 on December 31 and at 58.50 by the end of 2016. bloomberg
Posted on: Sun, 23 Mar 2014 09:07:34 +0000
Trending Topics
Recently Viewed Topics
© 2015