The Indian rupee was pushing toward its top weekly gains in about 12 weeks against the world's reserve currency on Friday as speculation mounted that worldwide demand for Indian assets will climb, according to Bloomberg.
The rupee pushed toward its top rate in about 90 days against the U.S. dollar after data released this past Wednesday in the subcontinent indicated the shortfall during the final quarter of 2013 was the smallest in about four years. The rupee also climbed as tensions eased between Russia and Ukraine after Russian troops advanced into the Crimea following the ouster of Ukraine's prime minister in late February.
The rupee's advance on Thursday was its largest since November of last year and was spurred by the Reserve Bank of India noting the current account shortfall amounted to $4.2 billion during the October-to-December period, Reuters reports. The metric amounted to $5.2 billion during the third quarter of last year and $31.9 billion during the fourth quarter of 2012.
This week's gains for the rupee against the greenback are roughly 1.2 percent, slightly augmented by a moderate rise of 0.1 percent against its rival on Friday.
The rupee's gains against the dollar on Friday marked a fourth-straight day of advances, according to Reuters.
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