With easing crude oil prices accompanied with foreign fund inflows, the rupee gained strength. This has raised hopes of CAD (Current Account Deficit) to be in the tolerance limits and expected reduction in petrol and diesel prices.
Appreciated by 220 paise in the last seven sessions, INR is the top gainer among the currencies in the Asian Region.
Fearing further surge in INR, many importers are looking at selling their forex holdings.
INR, that has seen a downfall by more than 13% from the beginning of this year to a low of Rs. 74.3 to a dollar, is smartly recovering with global cues in its favor.