The Indian rupee rose today again, making a fourth bullish day in a row after the national stock index rally attracted the investments of the global funds to into the Indian emerging economy.
The rupee was traded at the highest rate against the U.S. dollar in almost ten years. The major catalyst for the rupee’s growth can be seen in the very positive forecast regarding the national stock exchange index (Sensex) from Citigroup Inc. Record high growth of the Indian economy also helped the national currency to rise during these days. In 2007 the rupee gained at the fastest pace in almost 30 years.
The Indian currency gained today more than 0.2% rising to 39.22 against the U.S. dollar from the daily opening rate at 39.2725.
Although the higher value of the currency is not always a good thing for the Indian export-orientated economy, the constant foreign purchases of the national equities combined with the one of the fastest GDP growth in the world will push the rupee on Forex up to the new records in 2008.
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