The monetary unit of India paved the way for weekly gains of its Asian contemporaries against the world's reserve currency amid confidence that U.S. Federal Reserve will keep monetary stimulus policies intact, Bloomberg reports.
The Federal Open Market Committee is scheduled to convene later this month for two days to discuss its economy-spurring measures. In the middle of last month, chairman Ben Bernanke said the asset-purchasing policy would not change, which came a surprise amid widespread anticipations that the body would taper stimulus measures. India is preparing to release economic data regarding its current account.
"Expectations of improvement in the current account and funding are materially important for the rupee," states a Thursday research note authored by analysts with Morgan Stanley, according to Bloomberg. "We are tactically constructive on the rupee."
The rupee's weekly gain is about 1.9 percent. The Malaysian ringgit rose about 1.5 percent, the Philippine peso climbed 0.7 percent and the Taiwan dollar increased 0.5 percent.
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