The Inflows into the Indian stock market have helped inthe improvement of performance of Indian Rupee in Asia. It was declared as worstperformer in 2020 but it is gradually picking up pace, as per a reportpublished in News18.
According to the original report published in Bloomberg,India rupee has been termed as one of the best performing currencies.
Appreciating 11 paise to 72.54 against US Dollar onMonday with the help of foreign fund inflows and due to the weak Americancurrency in the overseas market, Indian rupee has improved bit by bit.
The domestic unit opened at 72.58 against US dollar inthe interbank forex market. It has also inched higher to 72.54 against thegreenback. It has registered a rise of 11 paisa comparing to the previousclose.
The rupee on Thursday was at 72.65 against the dollar.
With latest growth figures and expansive budget, thereport mentions that rupee could get further impetus on Friday.
In the annual economic survey, India has pegged itseconomic growth at 11% for the coming fiscal year. In a governmental report, itis mentioned that Indian economy is set to contract 7.7% in the current fiscalyear. It is regarded as a worst performance of Indian economy in nearly pastfour years.
The roll out of vaccine and fading away of the pandemicwill boost the Indian economy soon.