The RBA decision to cut the cash rate by 0.25 basis points put the lowest rates on record at 1.75 per cent on Tuesday, 3 May. Last week’s Australian consumer price inflation (CPI) came in well below expectations for the March quarter, opening the door to a rate cut. The Australian dollar against the USD fell 130 points from 0.7700 to 0.7570 in a few seconds
The Indian economy on the other hand is expected to clock a GDP growth of 7.4 per cent this fiscal year, largely driven by the lagged impact of a good monsoon season and increased consumer spending, supported by pay commission awards.
Consumer prices in India went up 4.83 per cent year-on-year in March of 2016, slowing from an upwardly revised 5.26 per cent rise in February. The inflation rate eased for the second straight month, reaching the lowest figure since September last year and compared to market expectations of 5 percent as food prices rose at a slower pace.
The AUD against INR in the last 4 weeks has moved between a low of 49.82 and a high of 51.83. Against the USD it’s stayed between 66.05 and 66.79.
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Priyanka Mehta is a Senior Foreign Exchange Dealer with Compass Global Markets which is one of the leading FX solutions provider to Individuals, Businesses, Importers, and Exporters in Australia.
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