Indian rupee at 94.47 per dollar after US midterms
The Indian rupee just hit its highest level in two months, ending Thursday at 94.47 against the US dollar, its fifth straight day of gains.
What's behind the climb? A mix of global events: the Democrats's win in US midterms (which eased some Middle East worries), a weaker dollar, falling oil prices, and lower US Treasury yields all played a part.
Inflows lift rupee, low reserves caution
Analysts say strong foreign investment and cheaper crude are giving the rupee a boost right now.
But there's still some caution: India's foreign exchange reserves are on the lower side, which could be an issue if things get shaky globally.
Plus, with importers and the Reserve Bank of India buying up US dollars strategically, don't expect the rupee to keep rising forever, experts think this will help keep things balanced for now.