Indian rupee tops Asia's currency with 01% gains in January

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Ahmedabad: The year 2024 has had a very good start for the Indian currency Rupee. After remaining almost flat in 2023, it remained flat against the dollar in January as well. The Indian currency has been the best performing currency in Asia so far despite a modest gain of 0.1 percent in January.

The dollar index has increased by 2 percent during this period. All other Asian currencies saw a decline of 1.4 percent to 4 percent in January. Market experts say that the rupee has strengthened against the US dollar due to inflow of foreign portfolio investors. The rupee closed at 83.11 against the dollar on Friday and is trading at 83.147 per US dollar, a modest improvement on Monday.

Markets are moving on potential inflows from bond inclusions. So far in the month of January, the local debt market has seen around Rs. 15,793 crore has been net investment. India's inclusion in JPMorgan's top bond index since June and the possible inclusion of India's full access route bonds in the Bloomberg Emerging Markets Local Currency Index have supported the rupee.

Apart from this, in December 2023, the dollar index fell more than 2 percent on expectations that the US central bank, the Federal Reserve, may cut rates from March. However, according to the recent strong data of the US economy, the situation has now changed and it is now likely that this rate cut will be postponed for now.

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