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Rupee Outperforms on Bets India Covid Crisis May Have Peaked

  • Currency has gained 1.7% in May in Asia’s best performance
  • Region’s highest carry returns also add to the rupee’s appeal
People register and pay before receiving a dose of Covishield, the local name for the Covid-19 vaccine, at a Covid-19 vaccination center set up at the BLK Super Speciality Hospital in New Delhi on May 21.

People register and pay before receiving a dose of Covishield, the local name for the Covid-19 vaccine, at a Covid-19 vaccination center set up at the BLK Super Speciality Hospital in New Delhi on May 21.

Photographer: Sumit Dayal/Bloomberg
Updated on

The rupee has staged a strong comeback, rebounding to become Asia’s top-performing currency from its worst on signs that India’s virus crisis may be easing.

India’s currency has climbed 1.7% against the dollar in May to beat all its regional peers as the nation’s daily infections decline rapidly after touching a record high. The rupee also has the benefit of offering Asia’s highest carry returns.