World News
Rupee Hits Six-Week High as India’s Inflow Measures Draw Demand
Key Points
Rupee Hits Six-Week High as India’s Inflow Measures Draw Demand India’s rupee rallied to the strongest level in six weeks, fueling bets the currency can extend gains helped by the authorities’ steps this month to boost foreign-currency inflows. The rupee rose as much as 0.3% to 94.29 per dollar, its highest since May 7 and an advance of 1.5% over the last four sessions, before trimming gains to be little changed on the day. Improving sentiment helped the currency breach its 50-day moving...
Rupee Hits Six-Week High as India’s Inflow Measures Draw Demand
India’s rupee rallied to the strongest level in six weeks, fueling bets the currency can extend gains helped by the authorities’ steps this month to boost foreign-currency inflows.
The rupee rose as much as 0.3% to 94.29 per dollar, its highest since May 7 and an advance of 1.5% over the last four sessions, before trimming gains to be little changed on the day. Improving sentiment helped the currency breach its 50-day moving average this week, a sign of bullish momentum.