The Russian rouble strengthened yesterday following news that China has suggested increasing their currency swap agreement with Russia to provide increased stability to the rouble. Moreover, President Putin is appealing to business leaders to express their desires to sell foreign currency to the central bank. The appreciation of the currency is largely due to speculation that exporting companies have responded to this government pressure.
Also, the Indian rupee has continued to struggle, affected by the recent sell-off of emerging market currencies, with last week seeing the rupee fall to the lowest level in over a year against the US dollar. However, oil prices being at the lowest since 2009 dramatically reduces the cost of production within India and therefore improves their current account deficit.
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