Reasons for rupee upswing

Subject: Economy

Context:

The rupee rose nearly two per cent to 73.40 against the US dollar last week.

Concept:

• FPIs have bought Rs 46,602 crore worth of shares so far in August, the highest monthly inflow in calendar year 2020.
• Analysts said dollar inflows into the stock market and gains in other Asian currencies boosted the rupee’s value.