Forecasters in India predicted on Thursday that the Indian currency will weaken against the dollar for the fifth consecutive year, damaging the central bank’s ability to cut interest rates. It is looking likely that throughout 2015 the rupee is set to drop 2 percent to a rate of 64 per dollar.
India’s currency weakened 1.6 percent in December alone, suffering at the hands of the strengthening dollar.
The Australian dollar raised itself from five year lows after the release of stronger than expected building approvals data on Thursday. A report by the Australian Bureau of Statistics stated that building approvals increased by 7.5% in November, contradicting expectations of a 3.5% decline.
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