The record
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- The Indian rupee rose 47 paise against the US dollar, trading at 94.26 per dollar in the forex market on September 3 in Mumbai, its best level in about three months.
- The report attributes the gains to strong Q1 GDP growth of 7.8%, a credit rating upgrade by Japan's JCR from BBB+ to A-, softer crude oil prices, and increased foreign investment inflows.
- Foreign currency deposits from NRIs into Indian banks have reached 136.38 billion dollars, more than the RBI expected.
- Experts say the rupee could stabilise further if global conflicts ease.
What to watch next
- Whether the rupee holds or extends its three-month high in coming sessions
- Intensity of global conflicts, which experts say could affect rupee stability
- Further foreign investment inflows into Indian debt and equity markets
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Named India · Japan Credit Rating Agency · Reserve Bank of India
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