Indian Rupee’s Rise is Sustainable
While the Indian Rupee has risen more than 10%, since bottoming in March, it has increased only 4.3% in value in the year-to-date. Still, given how turbulent the first few months of 2009 were (a continuation of 2008, really), this modest appreciation was actually the third highest, among Asian currencies, behind only the Indonesian Rupiah and Korean Won. For those of you that don’t regularly follow the Rupee (to be fair, I probably fall into this category), it has basically ebbed and flowed over the last couple years in accordance with risk appetite, hardly breaking ranks with other emerging market currencies. It rose to record highs in 2007, only to lose 30% of its value in 2008 as the credit crisis exploded. …
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