Keep the rupee down

The rupee has stabilised and gained ground marginally in recent weeks, like some other emerging market currencies. The trade deficit has shrunk, and along with it the current account deficit. International confidence in the Indian economy has grown - witness the flood of portfolio money coming in, and the "hope rally" on the stock market. The difference between last summer (when India was bracketed as one of the Fragile Five) and now is that the trade deficit has shrunk substantially.

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