Indian rupee falls but experts predict growth

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The Indian rupee fell by 12 places against the US dollar as a result of the month end dollar demand from importers.

The Indian currency has fallen to 48.97R per $1 over the last few days. Despite this, the government remains optimistic about India’s economic growth.

The Rupee’s devaluation was largely due to the demand from importers, such as oil refiners, who made their purchases in dollars. While the global economic meltdown has had an impact on the currency and trading, it appears that a large number of overseas investors have helped boost India’s economy.

The Foreign Institutional Investors (FII) has been infusing money into the market as the Royal Bank of India has changed its monetary policy.

The injection of funds by foreign investors will help boost the equity markets over the next 12 moths, as the Indian rupee gains strength.

Speaking to First Post, CNI Research Head Kishor Ostwal said: “In 2012, FIIs infused money into the Indian market mainly on account of easing inflation, a relaxing of foreign investor restrictions and the RBI’s policy moves.”

While foreign investment plays a significant role in boosting the economy, the RBI has also introduced a wave of measures to increase economic growth.

The Economic Council recently predicted that the country’s economy would grow by a staggering 8% in the next two years.

Transfer Money to India

If you are looking to invest in India, think carefully about how you will be transferring money to the country. Foreign currency exchange rates quoted by banks are not usually the best way to send money abroad.

Always ensure that you compare the market before you buy your overseas currency.

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