India’s rupee gained as much as 1.1 per cent to the strongest level in a week on Friday after Moody’s upgraded the country’s sovereign rating on expectations of continued progress for economic and institutional reforms.

The currency touched an intraday high of Rs64.625 per dollar after the US rating agency upgraded India’s rating from Baa3 to Baa2 following sweeping changes under prime minister Narendra Modi, including the introduction of a goods and services tax and a controversial demonetisation programme.

The rupee was still up 0.7 per cent at Rs64.835 per dollar shortly before the start of the European trading day.

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