The Indian rupee is tumbling
Business Insider
Published Jun 20, 2016 07:39AM ET
Updated Jun 20, 2016 11:05AM ET
The Indian rupee has tumbled following weekend news that the head of the central bank, Raghuram Rajan, will not be seeking another term.
The currency is weaker by 0.4% at 67.330 per dollar as of 7:33 a.m. ET.
Rajan is an extremely respected figure on the global stage, and is credited with restoring the India's macroeconomic stability — so his departure has some investors feeling a bit unsettled.
As for the rest of the world, here's the scoreboard:
- The Nigerian naira announced last week — and although this should help Nigeria's economy in the long run, things could get ugly in the near-term.
- The British pound is stronger by 1.9% at 1.4626 against the dollar after several weekend polls suggested that the campaign to leave the EU could be losing momentum. A poll for the Mail on Sunday by Survation gave the Opinium poll for the Observer put the two sides both at 44%.
- The Japanese yen is down by 0.4% at 104.56 after the latest trade data released by the Ministry of Finance showed the value of exports fell 11.3% year-over-year in May as the stronger yen made goods less attractive. Exports to Japan's largest customer, China, plunged 14.9% YoY while shipments to the US sank 10.7% YoY.
- The US dollar index is weaker by 0.5% at 93.69 ahead of a light data week.
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Written By: Business Insider
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