Indian Rupee Erases Losses

The India rupee retreated today on speculations that the nation’s central bank intervened in order to prevent excessive appreciation of the currency that may hurt the country’s economic growth. The currency managed to pare losses and resumed its rally as of now.
The rupee rallied together with Indian stocks as recent economic data from the country was positive. In the second quarter of this year, gross domestic product demonstrated fastest growth in more than two years, while the current account deficit narrowed. The currency lost ground earlier as market analysts were speculating that the Reserve Bank of India was buying dollars as a measure to limit the rupee’s rally.
USD/INR fell from 60.5205 to 60.4800 as of 16:24 GMT today following the rally to 60.5900.

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