India’s current account deficit narrowed to 1.3% of the gross domestic product (GDP) in the fiscal third quarter from 1.5% in the year earlier.
The Indian rupee opened marginally down by 6 paise at 66.58/$ on Tuesday as against the previous close of 66.53/$. On Monday, rupee closed marginally lower against the US Dollar. US dollar seems to be stabilising against the basket of major currencies, which in a way is also restricting the upside in the emerging market currencies.
On the domestic front, India’s current account deficit narrowed to 1.3% of the gross domestic product (GDP) in the fiscal third quarter, from 1.5% in the year earlier.
On the macroeconomic side, US existing home sales during February declined 7.1% to an annual rate of 5.08mn units, the lowest level since November 2015. Sales fell across the country in February, including a 17.1% plunge in the US Northeast. The focus will now shift towards Durable goods orders and final Q3 GDP numbers, slated to be released this week.
On Monday, the home currency closed at 66.53/$, down 3 paise. The local unit had hit a high of 66.58 and a low of 66.62. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.55 and for Euro stood at 74.91. The RBI’s reference rate for the Yen stood at 59.66; reference rate for the Great Britain Pound (GBP) stood at 95.8722.
The Indian rupee opened marginally down by 6 paise at 66.58/$ on Tuesday as against the previous close of 66.53/$. On Monday, rupee closed marginally lower against the US Dollar. US dollar seems to be stabilising against the basket of major currencies, which in a way is also restricting the upside in the emerging market currencies.On the domestic front, India’s current account deficit narrowed to 1.3% of the gross domestic product (GDP) in the fiscal third quarter, from 1.5% in the year earlier.
On the macroeconomic side, US existing home sales during February declined 7.1% to an annual rate of 5.08mn units, the lowest level since November 2015. Sales fell across the country in February, including a 17.1% plunge in the US Northeast. The focus will now shift towards Durable goods orders and final Q3 GDP numbers, slated to be released this week.
On Monday, the home currency closed at 66.53/$, down 3 paise. The local unit had hit a high of 66.58 and a low of 66.62. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.55 and for Euro stood at 74.91. The RBI’s reference rate for the Yen stood at 59.66; reference rate for the Great Britain Pound (GBP) stood at 95.8722.
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