The Indian rupee was barreling toward its biggest quarterly advance against the world's reserve currency on Friday since 2012 as prospects for a more efficient government loom, according to Bloomberg.
International funds have devoted about $8.8 billion into Indian stocks and bonds thus far in 2014. The subcontinent's top opposition party is forecast to achieve sizable progress in elections that begin next month. Since late December 2013, the rupee has climbed about 3 percent against the greenback.
Prospects are high for the Bharatiya Janata Party to prevail in roughly 195 of 543 seats in parliament's lower house, according to a survey administered earlier this month and released in the middle of this month. Charges of corruption and unease with the economy's slow pace of recovery are poised to be a detriment to the fate of the ruling Congress party.
The Indian rupee advanced about 0.5 percent against the U.S. dollar during the Friday trade session, achieving its top level against its rival since late July 2013.
The Reserve Bank of India is poised to step in and acquire the dollar, according to Reuters. That would keep the rupee range-bound.
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