There was a significant drop in India’s trade deficit yesterday as figures displayed a $2 billion improvement between August and September. The figures are slightly misleading as the deficit has been reduced due to a drop in imports of oil and gold. Regardless, the rupee advanced for the second day in a row as speculation over the US interest hike suggests that it is still some time away. This led to the rupee gaining 0.3% on the dollar yesterday, contributing to an overall growth of 1.2% this month alone.
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