The rupee was the worst performing Asian currency last year but gained over 2 per cent in March despite the Reserve Bank of India easing policy in February and expectations for it to do so again later on Thursday.
The USD-INR pair touched the 68.46 level this week, which was like a breath of fresh air for the markets. The discourse has changed from gloom, doom and 80, to tea-leaf reading, outperformance predictions and all-round optimism.
The RBI has remained a net purchaser of the dollar for the second consecutive month in January, having bought $293 million on a net basis from the spot market, according to the latest data.In the repo.
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