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Analysts at TD Securities points out that the INR has appreciated by close to 4% since early October versus USD and a similar amount in real effective terms, helped by a resumption in portfolio inflows, lower US yields and lower oil prices.

Key Quotes

“While RBI monetary policy has not been particularly focused on the INR, the RBI will likely want to avoid spurring further appreciation, while the strengthening of the currency will have helped to tighten monetary conditions.”