Indian rupee opens 93.81 against US dollar after foreign inflows
The Indian rupee just got a boost, opening at 93.81 against the US dollar, 10 paise higher than before.
This jump comes thanks to a surge of foreign investments and cheaper oil, helping the rupee appreciate by over 1% in just a week.
Over $4B into Indian stocks
Investors have poured more than $4 billion into Indian stocks lately, especially as they rethink putting money in places like South Korea and Taiwan.
Plus, with Brent crude prices declining nearly 20% last week, India's import bills are lighter, giving the rupee even more support.
Asian currencies weaken after US payrolls
While the rupee has gained ground, most Asian currencies weakened on Monday (November 9) after stronger-than-expected US payroll data strengthened expectations that the US Federal Reserve could raise interest rates in December.
This puts India in a stronger spot and makes it look even more attractive for global investors right now.