The Indian rupee fell today ahead of the European leaders’ meetings later this week. Forex traders are unsure whether the politicians are capable to reach an agreement and find a way out the persistent economic crisis.
German Chancellor Angela Merkel will go to Greece on October 9, hers first visit since the crisis of 2008–09. Spanish Prime Minister Mariano Rajoy will meet with French President Francois Hollande in Paris on October 10. Traders hope that the meetings will bring some results, but, at the same time, they are worried that the European chiefs will not find an agreement yet again. Asian currencies, including the rupee, are weak today amid such uncertainty.
USD/INR was up from 51.8550 to 52.5450 as of 13:45 GMT today.
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