The Indian rupee demonstrated biggest advanced in more than a week today, following yesterday’s massive slump, as India’s exporters were selling dollars to convert their earnings into the local currency.
Exporters were buying the rupee to profit from the currency’s weakness. Finance Minister Arun Jaitley revealed that the government plans to allow more foreign investment. He also promised to reduce the current account deficit. All these news were beneficial for the currency, allowing it to rally.
USD/INR fell from 60.0650 to 60.0045 as of 13:15 GMT today, reaching the low of 59.9150 intraday.
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