The Indian rupee has climbed 9% against the dollar in the last 16 months. That has taken a toll on a key Indian export -- textiles -- because it makes exporting more expensive. Instead of fighting the appreciation like Brazil, however, India is letting the currency strengthen for now. A stronger currency is helping the country to develop a modern consumer economy, and is fueling a boom in inward investment from giant shopping malls to new car dealerships.
India’s Soaring Currency Attracts Foreign Investors, but Exports Suffer
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