Economy has never been a strength of the Indian rupee and the two major economic releases underscored that point. Industrial production contracted during month of February and exports growth too registered a de-growth over the month of March.
Over the past week the Indian Rupee has hit highs (USD/INR lows) not seen since this past summer. The Rupee has remained the best performing emerging market currency throughout the EM FX selloffs and in fact is up against the greenback YTD.
The Indian rupee opened flat at 60.29 per dollar versus 60.37 Wednesday. The yen wallowed at one-week lows against the dollar, having eased broadly overnight as a rally in global stocks dented demand for the safe-haven currency.