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An economy so heavily linked with oil will rise or fall with the value of that commodity. There are additional factors to consider of course, but the example is clear. New governorship at the Reserve Bank of India boosted investor confidence in the recovery plans set out for the Indian currency.
That confidence was reflected in the resulting strong performance of the rupee. While Indias currency benefited directly, other Asian currencies drifted upwards as well, with regional performance a factor which helped both the Philippine peso and Thai baht.
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