India Strongest Story in Asia for GAM as Rupee Loses Fragile Tag
Indian Prime Minister Narendra Modi (R-front) and Union Parliamentary Affairs Minister Venkaiah Naidu (L-front)
Photograph: EPAImprovements in India’s current-account and inflation along with its high yields make the nation the top Asian investment for GAM, a group with $127 billion in assets.
A lot of the vulnerabilities that led to the 2013 rout in the rupee along with the currencies of Brazil, Indonesia, South Africa and Turkey have been almost wiped out in India, Paul McNamara, London-based investment director, said in an interview. The fund is overweight on both Indian government bonds and the rupee. It sees the currency holding steady at around 64.5 per dollar by year-end and the 10-year yield between 7.50 percent and its current level of 7.77 percent.