The Indian rupee was pushing toward its top weekly gains in about 12 weeks against the world's reserve currency on Friday as speculation mounted that worldwide demand for Indian assets will climb, according to Bloomberg.
The rupee pushed toward its top rate in about 90 days against the U.S. dollar after data released this past Wednesday in the subcontinent indicated the shortfall during the final quarter of 2013 was the smallest in about four years. The rupee also climbed as tensions eased between Russia and Ukraine after Russian troops advanced into the Crimea following the ouster of Ukraine's prime minister in late February.
The rupee's advance on Thursday was its largest since November of last year and was spurred by the Reserve Bank of India noting the current account shortfall amounted to $4.2 billion during the October-to-December period, Reuters reports. The metric amounted to $5.2 billion during the third quarter of last year and $31.9 billion during the fourth quarter of 2012.
This week's gains for the rupee against the greenback are roughly 1.2 percent, slightly augmented by a moderate rise of 0.1 percent against its rival on Friday.
The rupee's gains against the dollar on Friday marked a fourth-straight day of advances, according to Reuters.
Risk Disclosure
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2021 StoneX Group Inc. All Rights Reserved
