Indian rupee continues to weaken

Elsewhere yesterday, the Japanese yen continued the strength it has shown over the last week, logging gains for the fourth consecutive day and hitting seven-week highs against the US dollar. The gains shown are down to general market risk-aversion triggering investors to buy in to the safe-haven currency. The difficult market conditions combined with building permit and business conditions data coming in below forecast caused the Canadian dollar to hit three-week lows against the US dollar, showing fresh signs of fragility in nation’s economy. The Indian rupee also fell against all of its major trading partners, dropping almost a cent against the US dollar. Early this morning we saw a raft of data released which included the Bank of Japan’s monetary policy statement as well as the Japanese current account figures,  employment data out of Australia and Chinese trade balance figures. Get in touch to see how the markets reacted to these releases.