Why the Ghosts of 2013 Won’t Haunt the Indian Rupee

India’s rupee has breached the record low set in 2013 and yet there’s hardly a sense of panic among investors.

While an impending Federal Reserve action is once again the trigger for currency losses, confidence in Asia’s third-largest economy has grown over the last three years as policy makers succeeded in narrowing the current-account deficit and taming inflation. At the same time, a war chest of foreign-exchange reserves is seen coming handy to cushion local markets from global shocks.