Indian rupee rallied to an eight-month high!

The Indian rupee rallied to en eight-month high, boosted by continued foreign fund inflows into domestic shares, but suspected dollar purchases by the central bank prevented the currency from gaining much further. The RBI has long been expected to start buying dollars when the rupee strengthens to add to foreign exchange reserves of $297.29 billion-the highest since late December 2011. The central bank’s Dollar purchases would reflect the strength of a rupee rally. The RBI had to regularly buy the domestic currency just about half a year ago to keep it from hitting record lows.INR CurrencyToday’s Headlines

1) India’s Rupee Climbs to Eight-Month High on Election Optimism
2) Aussie Rises to 4-Month High; Franc Falls
3) Pound Advances against Euro as Weale Says Rates Should Increase
4) Gold Trades above Five-Week Low as Ukraine, Weighed

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