The Inflows into the Indian stock market have helped in the improvement of performance of Indian Rupee in Asia. It was declared as worst performer in 2020 but it is gradually picking up pace, as per a report published 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 on Monday with the help of foreign fund inflows and due to the weak American currency in the overseas market, Indian rupee has improved bit by bit.
The domestic unit opened at 72.58 against US dollar in the interbank forex market. It has also inched higher to 72.54 against the greenback. It has registered a rise of 11 paisa comparing to the previous close.
The rupee on Thursday was at 72.65 against the dollar.
With latest growth figures and expansive budget, the report mentions that rupee could get further impetus on Friday.
In the annual economic survey, India has pegged its economic growth at 11% for the coming fiscal year. In a governmental report, it is mentioned that Indian economy is set to contract 7.7% in the current fiscal year. It is regarded as a worst performance of Indian economy in nearly past four years.
The roll out of vaccine and fading away of the pandemic
will boost the Indian economy soon.
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