Rupee becomes Asia’s top-performing currency in May as Covid crisis wanes

The rupee has become Asia's top-performing currency in May after it fell to a nine-month in April. Experts said the recovery in rupee is a reflection of improving Covid-19 situation in India.

After being hit hard by the second wave of Covid-19, the rupee has staged a strong comeback as it rebounded to become Asia’s top-performing currency in May. The rebound is a likely result of improving Covid-19 situation in the country. The Indian currency has climbed at least 1.5 per cent against the US dollar in May, and it has beat all other Asian currencies, reported Bloomberg. The development comes as India’s daily Covid-19 cases continue to drop after touching a record high. The rupee also has the benefit of offering Asia’s highest carry returns, added the report. The rise of the rupee is a direct reflection of India’s efforts to tackle the second wave, indicating the local lockdowns in most parts of the country have helped limit daily cases in May.