The Indian rupee, which was the worst-performing Asian currency in 2020, is gradually augmenting with inflows’ help into India’s stock markets, reported Bloomberg. The report says the rupee is now one of the best-performing currencies.
The rupee appreciated 11 paise to 72.54 against the US dollar in opening trade on Monday, assisted by sustained foreign fund inflows and the American currency’s deficiency in the overseas market.
At the interbank forex market, the domestic unit opened at 72.58 against the US dollar. It inched higher to 72.54 against the greenback, reporting a surge of 11 paise over its previous close. On Thursday, the rupee had settled at 72.65 against the dollar.
The Bloomberg report said that the currency could see a further impetus for more gains on Friday with the latest economic growth figures.
India had forecast robust economic growth of 11% for the coming fiscal year in its annual economic survey, after a massive Covid-19 vaccination drive and a rebound in consumer demand and investments.
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