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Indian Rupee Advances To Near 1-year High Against U.S. Dollar

The Indian rupee firmed against the U.S. dollar in morning deals on Monday amid strong foreign inflows into the domestic financial market.

A recovering economy and a promising budget are attracting global funds to India.

Third-quarter GDP data will be out this week, with economists expecting the economy to return to growth in Q3 after two quarters of contraction.

The Indian rupee appreciated to near a 1-year high of 72.29 against the dollar from Friday's closing value of 72.55. The rupee is likely to challenge resistance around the 71.00 level.

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