Rouble and rupee under pressure

Elsewhere, the Russian rouble weakened yesterday as the price of oil dropped and Russian growth figures, whilst still positive, were revealed to be worse than predicted. Expectations of increased monetary stimulus have been building and poor economic data will continue to increase these expectations and devalue the currency. In India news was released indicating that the nation is planning to artificially reduce the level of imports after current account data which showed the biggest ever deficit. Factory orders have depreciated, which has caused traders to view the Indian rupee with greater caution and in turn caused the Indian Government to react in order to prevent the currency from continuing to slide. It will be interesting to see how the news of the plans affects the rupee’s performance going forwards. Call your trader now to keep track of global currency markets.