impact US Debt Crisis Indian rupee rose

Indonesia stock info - impact US Debt Crisis Indian rupee rose - impact US Debt Crisis on indian stock market - US. debt crisis impacted the Indian Economy ; The Indian rupee rose by 28 paise to a nearly three-year high of Rs 43.90 per US dollar in early trade today due to persistent selling of the American currency by banks and exporters in view of the sharp fall of the dollar in overseas markets.

The appreciation is not limited to the Indian rupee. Most currencies around the world have appreciated against the dollar as the stalemate over raising US debt ceiling continues. Many Asian currencies are near multi-year highs. As the US struggles to pay its debts, more investors will put money in safer countries, lifting the value of the currencies.

The Indian rupee was last being traded lower this level on August 29, 2008, when it was quoted at Rs 43.71 per dollar.

Banks and exporters preferred to reduce their dollar holdings due to weakness of the American currency in the overseas market, a forex dealer said. In the New York market, the US dollar fell against a wide range of currencies yesterday, touching a record low against the Swiss franc and approaching a recent low versus the Japanese yen.

Selling in the US currency renewed after back-to-back speeches late Monday by President Barack Obama and House Speaker John Boehner indicating no progress on a deal crucial to raising the US debt ceiling and preventing a default.

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