(Bloomberg) -- India's rupee traded near the highest
in nine years on speculation the size of capital inflows will
outweigh the central bank's efforts to stem the currency's rise.
The Reserve Bank of India has allowed the rupee to rise 7.5
percent this quarter to fight inflation. Traders yesterday said
the central bank was buying dollars to slow the currency's gains
as it makes exported goods more expensive overseas. India's
economic growth was the fastest in almost two decades in the
fiscal year ended March 31, drawing in a flood of foreign funds.
Read more at Bloomberg Currencies News
in nine years on speculation the size of capital inflows will
outweigh the central bank's efforts to stem the currency's rise.
The Reserve Bank of India has allowed the rupee to rise 7.5
percent this quarter to fight inflation. Traders yesterday said
the central bank was buying dollars to slow the currency's gains
as it makes exported goods more expensive overseas. India's
economic growth was the fastest in almost two decades in the
fiscal year ended March 31, drawing in a flood of foreign funds.
Read more at Bloomberg Currencies News
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