India's rupee has the backing of a healthier trade account, steady foreign investment inflows and a return in global risk appetite, but its gains are being limited by a central bank keen to prevent wild swings and build dollar reserves.
MUMBAI - India’s rupee has the backing of a healthier trade account, steady foreign investment inflows and a return in global risk appetite, but its gains are being limited by a central bank keen to prevent wild swings and build dollar reserves.
The Reserve Bank of India’s stated foreign exchange policy has been to only curb extreme volatility but recent actions suggest it is not letting the local unit appreciate despite its relative underperformance versus peers.
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