How Did The US Dollar Perform Against The Indian Rupee?
The US dollar was bagging 46.920 Indian rupees as October came to a close. But with November stretching out in front of it anything could happen to adjust that exchange rate. Shall we see how things panned out?
A strong start was in order as the exchange rate hopped up to 47.063 on the currency converter on Monday 2nd. But even though it improved still further to 47.417 on the following day, it was back down to 46.923 the day after. So at first it was difficult to tell which currency was likely to get the upper hand here.
The week ended with the US dollar worth 46.916 Indian rupees, so it was actually slightly down on the previous week, although only by a small margin. There was a drop of more than one per cent in store on the first day back in the subsequent week though, and the US dollar finished on 46.421. There was worse in store two days later after a brief spike as the dollar sank back to 46.313. Was the rupee going to take the better rate on the last day of the month, or would the dollar have more strength to show yet?
The next day showed an increase to 46.659 but the week was not destined to end on a high note. The US dollar managed to crawl home on an exchange rate of 46.369 in the end.
This marked the middle point of the month however and the dollar dropped further to 46.140 at the beginning of the next week. You might think that an increase of any degree to turn this week into a better one for the US dollar was probably out of the question. But in a month that has already seen lots of ups and downs nothing is impossible – and indeed this turned out to be the case. The closing exchange rate for the week was 46.730 – an increase of 0.59 since Monday evening and a welcome rise for the dollar.
When the markets came back into action on the 23rd, there was no way of telling which way things would go next. And indeed with a change down to 46.510 by the end of the day the dollar was once again struggling to keep a good rate up against the rupee.
The lowest point of the week was 46.090 on the Wednesday evening, before the dollar perked up once more and shot back up to 46.558 the following day. The final rate for that week (with just one more trading day to go) was 46.651.
And our last rate for the month revealed that the US dollar was worth 46.409 Indian rupees. That meant a difference of 0.511 since the beginning of the month when the US dollar was worth that much more. But which way will it go next month we wonder? Will the rupee be the one in charge once more or will the US dollar finally have a better time of it?
