INR - Recent Performance
By its own standards, the rupee made great inroads against the dollar in late 2017, and ushered in 2018 in much the same fashion.
In mid-November, the rupee began its determined climb against USD. Eight straight weeks of gains and an appreciation of 4% by January 5th (the time of this report) took the rupee to its strongest level in nearly two-and-a-half years, at 63.2 rupees per dollar.
Throughout early 2018, the rupee is likely to see continued support because of “increasing risks of an end to [the Reserve Bank of India’s] accommodative monetary policy,” thinks the team at ICICI Securities.
One exchange rate we look at often at Best Exchange Rates, the Australian dollar-rupee rate, fell (the rupee strengthened) throughout much of the final quarter of 2017. The rupee did, however, lose nearly half of its Q4 gains in the final three weeks of the year, mainly on broad Australian dollar strength.
With AUD/INR rates close to 50 in early January, a 4% climb is needed for AUD/INR to once again test 52.0 – one of the strongest resistance levels in all of FX.