Indian rupee opens higher at
62.20/dollar
The Indian rupee has opened higher at 62.20 a dollar on Tuesday against previous day's closing value of 62.27 a dollar. Ashutosh Raina, HDFC Bank said the dovish comments from the Fed after the last week's FOMC meet resulted in dollar plunging from recent highs. The USD-INR pair has been consolidating in the Rs 62-63/USD range, supported by strong intervention, he added. The bank expects the currency pair to consolidate around current levels. The US dollar fell against a basket of major currencies after traders unwound bullish dollar positions on the likelihood that Federal Reserve policy will be accommodative over the near term.
The Indian rupee has opened higher at 62.20 a dollar on Tuesday against previous day's closing value of 62.27 a dollar. Ashutosh Raina, HDFC Bank said the dovish comments from the Fed after the last week's FOMC meet resulted in dollar plunging from recent highs. The USD-INR pair has been consolidating in the Rs 62-63/USD range, supported by strong intervention, he added. The bank expects the currency pair to consolidate around current levels. The US dollar fell against a basket of major currencies after traders unwound bullish dollar positions on the likelihood that Federal Reserve policy will be accommodative over the near term.
Falling euro lifts summer plans for
Indian tourists
With the euro depreciating by more than 15% over the past year, Indians are packing their bags for trips to European countries as summer vacations approach. Currency fluctuations have led to a decline of at least 10% in rates of European tour packages and travel companies claim 30-35% growth in queries and conversions for Europe this season. In the past year, from a high of Rs 84.56, the euro — the common currency of 19 European nations — has depreciated nearly 20% to its Monday close of Rs 67.80. Close to four lakh Indians travel to Europe annually, of which 60% travel during peak summer (April to June).
With the euro depreciating by more than 15% over the past year, Indians are packing their bags for trips to European countries as summer vacations approach. Currency fluctuations have led to a decline of at least 10% in rates of European tour packages and travel companies claim 30-35% growth in queries and conversions for Europe this season. In the past year, from a high of Rs 84.56, the euro — the common currency of 19 European nations — has depreciated nearly 20% to its Monday close of Rs 67.80. Close to four lakh Indians travel to Europe annually, of which 60% travel during peak summer (April to June).
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