The Indian rupee rallied today on hopes that a new government will bring reforms that bolster economic growth and attract more investors to the country. Speculations that China will take measures to sustain its impressive economic expansion also helped the currency.
The rupee was rising as investors were hoping that the next month’s elections will bring positive changes to the economic policy of India. It is expected that growth will pick up and the current account deficit will narrow. The rupee also rallied with other Asian currencies after Chinese Premier Li Keqiang said that China is ready to support its economic growth at “reasonable pace”.
USD/INR went down from 60.18 to 59.87 as of 11:11 GMT today.
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