Indian Rupee Advances To Near 1-year High Against U.S. Dollar

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The Indian rupee firmed against the U.S. dollar in morning deals on Monday amid strong foreign inflows into the domestic financial market.

A recovering economy and a promising budget are attracting global funds to India.

Third-quarter GDP data will be out this week, with economists expecting the economy to return to growth in Q3 after two quarters of contraction.

The Indian rupee appreciated to near a 1-year high of 72.29 against the dollar from Friday’s closing value of 72.55. The rupee is likely to challenge resistance around the 71.00 level.

The material has been provided by InstaForex Company –

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