The Indian rupee weakened today as the growth projections of the International Monetary Fund hurt the market sentiment, deterring investors from riskier currencies of emerging economies.
The IMF World Economic Outlook “presented a gloomier picture of the global economy than a few months ago”. Regarding India, the forecast said:
The outlook for India is unusually uncertain: for 2012, with weak growth in the first half and a continued investment slowdown.
On the bright side, the situation is expected to improve in 2013. Still, the rupee, as well as other Asian currencies, remained weak today amid the negative mood of FX traders.
USD/INR rose from 52.6855 to 53.0588 as of 11:34 GMT today.
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