Indian rupeeThe Indian rupee advanced against the U.S. dollar during the Forex trading session opening today as the stock markets showed some strength world-wide and the investors used the short-term opportunity to enter the high-risk assets.
Almost 3 percent growth of the Bombay Stock Exchange Sensitive Index (SENSEX) was accompanied by the news from the Reserve Bank of India Governor Duvvuri Subbarao — the interest rate was left unchanged today after four cuts in a row during the last three months. The rupee bulls now have the cumulative advantage, while the investors seek the chance to buy the now-cheap Indian businesses.
Some analysts share the optimism of the markets and believe that rupee’s growth from 7-week bottom may be one of the last, if not the last, support level before a considerably long trend. Others focus on the coincidence of the decision to leave the rates unchanged and the growth of the global stock markets — they believe that when the world’s optimism is over (the next few days) the India’s currency won’t stand a chance.
USD/INR opened at 48.43 today after closing at 48.50 on January 25th and remaining unchanged during the holiday on January 26th. During today’s trading session the currency pair rose to 48.75 as of 8:14 GMT.
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