The Indian rupee fell today as optimism caused by last week’s European summit was all but gone from the Forex market and signs of global economic slowdown drove away investors from riskier currencies of emerging markets.
Last two days of this week were very bad for higher-yielding assets. Quinten Bertenshaw, an analyst at Tradition Analytics, said after today’s US non-farm payrolls:
The markets have responded negatively in what appears to be a realization that the economic downturn might be more severe and protracted than first thought. For now, the potential for risk-off gathering momentum is high.
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