Rupee Surges To Two-Year High Against Dollar

[sid_22]

Indian rupee surged to a two-year high of 63.60 against the dollar today before closing at 63.70. The rupee had closed at 64.07 per dollar on Tuesday. The rupee has been one of the best performing currencies in the world, surging over 6 per cent year to date against the US dollar. Apart from strong foreign inflows into the domestic capital markets, falling current account deficit and prospects of higher economic growth has also boosted the rupee.  "The structural story for India remains pretty strong," said David Cornell, chief investment officer of London-based Ocean Dial Asset Management, which argues India and other emerging markets will outperform over the next 12 months.

Rupee gained further momentum after the Reserve Bank of India cut its key lending rates by 25 basis points, as expected by the market. Despite the rate cut, interest rate differential between Indian and developed market remain substantially higher, which has helped to attract inflows into domestic capital markets.

[mastercheif]

oh no or oh yes ?

[Hitman]

Temporary issue. Tatha pichi panulaki + Tatha emi peekaledu..ee bills pass cheyyaledu ani $ gng down for now... will come back up..