Indian rupee gains 2% this week ahead of RBI policy
Business
The Indian rupee just climbed to 90.18 per US dollar, notching a solid 2% weekly gain right before the Reserve Bank of India (RBI) reveals its latest policy moves.
This is happening even though global markets are shaky and foreign investors have been selling Indian stocks.
The rupee's strength is getting a lift from targeted dollar sales, fresh optimism after a US-India trade deal, and lower US Treasury yields.
What to expect from RBI meeting
While most Asian currencies are struggling, the rupee is holding up—despite about $200 million being pulled from Indian stocks on Thursday and the Nifty 50 dipping slightly.
Investors are now glued to what the RBI will say about interest rates, since that could shape where the rupee heads next.