Weighing up the rupee

Indian presidential residence (the Rashtrapati Bhavan)

A 7% growth outlook for 2012 according to the International Monetary Fund, backed by the recent appreciation of the rupee and ongoing uncertainties in the eurozone, is driving ever-increasing interest in India and its currency from foreign exchange market infrastructures, financial institutions and corporates.

Having weakened sharply against the US dollar during the fourth quarter of 2011, the Indian rupee rallied steadily during the first two months of 2012, with USD/INR falling from 53.26 to a

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