Rupee surges: Breaches 84/$, wipes out all losses since Trump election win

The Indian rupee has risen nearly 1% and crossed the 84/$ level, erasing all losses since Donald Trump’s election. Traders cite strong dollar inflows and short-covering, amid hopes of a U.S.-India trade deal. The rupee has also gained due to foreign investors’ buying and the dollar’s weakness. Asian currencies are also stronger.