The Indian rupee strengthened today amid foreign inflows into the nation’s economy and the positive outlook of investors that increased attractiveness of Indian assets.
Global funds purchased $247 million more Indian stocks than they sold in the first two days of this week, showing that investors demand for Indian assets remains. Goldman Sachs noted that India’s economy is improving. Moody’s Investor Service said that India’s “Baa3 sovereign rating is supported by credit strengths which include a large, diverse economy, strong GDP growth as well as savings, and investment rates that exceed emerging market averages”.
USD/INR fell from 54.6150 to 54.3750 as of 11:15 GMT today.
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