The Indian rupee had been holding steady in a band between 83 and 84 over the past year. But the tranquility has been broken by Donald Trump’s victory in the US presidential elections. Expectations of pro-corporate and pro-US policies have taken the dollar index higher, applying pressure on all EM currencies. But the rupee has lost less ground compared with currencies of other emerging economies such as Russia, Brazil, Turkey and Mexico. A cordial relation between Trump and PM Narendra Modi and the RBI’s active intervention in the forex market has saved the day for the rupee so far
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