For a fifth straight session the Indian currency has dropped 11 paise to 66.84 against the US dollar in early trade on Tuesday, tracking weak trend in Asian currencies. The currency had closed at 66.73 against the dollar in the previous session on firm dollar demand from importers.
As the Euro continues to hit low records, the Yuan inclusion to the IMF basket will affect the european currency in a drastic way.
The Yen fell yet again for the second straight quarter do to disappointing results in the countries GDP
China has recently raised Yuan’s reference rate by 0.54% to 6.3154 against the U.S. dollar, which is the largest boost in the decade.
The Australian dollar is facing a torrid time as of late, as the currency plunged 1% on Wednesday after weaker than expected inflation spurred rumour of a third rate cut this year by the Reserve Bank of Australia.
