020 7898 0500Elsewhere yesterday, the biggest story was that of the Indian rupee. Over recent weeks the rupee has been weakening at an alarming rate, so much so that the central bank has temporarily banned Indian citizens from purchasing properties abroad in an attempt to stem the sell-off that has been taking place. Yesterday, in anticipation of the US Federal Reserve meeting minutes, traders were betting on an announcement of a tapering of US monetary stimulus as early as next month. This triggered a further rupee outflow, with the currency hitting record lows. For the same reason we saw other commodity-backed currencies struggle, with the Australian, Canadian, and New Zealand dollars all continuing with the weakness they showed on Monday. Most notably, the Canadian dollar hit 6-week lows as oil – Canada’s biggest export – fell to its lowest level in over a week. Today we have monthly retail sales data out of Canada. Get in touch for the latest rates.
