An exchange rate of 55 per dollar for India’s rupee, almost 9 percent higher than current levels, seems “too strong” as of now, central bank Governor Raghuram Rajan said in an interview with the Mint newspaper.
China’s yuan is set to pull out of its steepest slide since 2011 in offshore trading as the nation’s $3.8 trillion of foreign reserves coupled with inflows from trade and investment deter bets on further losses.
Jonathan Cavenagh, a currency strategist in Singapore at Westpac Banking Corp., comments on the outlook for India’s rupee. The currency traded at 45.12 per dollar as of 11:39 a.m. in Mumbai, according to data compiled by Bloomberg.
China’s yuan tumbled the most in more than three years on speculation the central bank wants an end to the currency’s steady appreciation to ward off speculators before a possible widening of the trading band.