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Indian Rupee Rebounds (USD/INR) As RBI Gets New Governor

Published: 4 Sep at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australia, USA, Canada, China, India,

A surge in the UK services industry helped the Pound consolidate recent gains against the Euro and trade in the region of a three-month high against its European cousin.

The British asset was also able to advance against the US Dollar for a third day as a result of the surprise rise in the UK services gauge.

Services PMI rose from July’s 60.2 level to 60.5, beating economists’ expectations and making a hat trick of this week’s PMI releases.

An index of new business also leapt to a 16 year high.

In response to the Pound’s upward trajectory currency strategist Henrik Gullberg stated: ‘The improvement in data in recent weeks has helped to support sterling as it has forced some to reduce their short positions. While we remain relatively bearish on Sterling because of the country’s weak external position, positive data headlines will probably underpin the Pound in the near term.’

The Pound strengthened to as much as 0.8417 pence against the Euro and was trading against the US Dollar in the region of 0.64 pence per Dollar.

In other currency news, Canada’s Dollar was able to post its most significant gain against the US Dollar for almost a month as better-than-expected Chinese and Australian data supported the commodity driven asset and the Bank of Canada held rates at record lows while implying that a rate increase could be on the horizon.

India’s Rupee was also able to stage a rather impressive rebound against the US Dollar as the Reserve Bank of India intervened in order to stop the Rupee falling to a fresh record low on the day its new Governor took over.

The Rupee is currently trading against the US Dollar in the region of 67.0650
As of Wednesday, 4th September 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1834, GBP USD exchange rate was 1.5626, GBP AUD exchange rate was 1.7052, GBP CAD exchange rate was 1.6398, GBP CNY exchange rate was 9.563, and GBP INR exchange rate was 104.7559.
Dominic Lee About Author: (474 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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