Economics
India Rupee Forwards Rise on New Governor Optimism, Intervention
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India rupee forwards rallied from a record low on speculation the new central bank governor who is due to take the helm next month will implement more steps to arrest the slide in the currency.
Raghuram Rajan, a former International Monetary Fund chief economist credited with predicting the 2008 global financial crisis, was named the next Reserve Bank of India governor yesterday. The rupee is Asia’s worst-performing currency in the past six months having fallen 12.5 percent, according to data compiled by Bloomberg. The onshore currency tumbled to an unprecedented 61.8050 per greenback yesterday, prompting the RBI to sell dollars, said two traders with knowledge of the matter.