Daily Editorial Cloze Test Quiz – 28

Editorial Cloze Test Quiz

The Indian rupee has turned out to be one of the best-performing currencies in the world with a gain of well over 6% _______(1)________the U.S. dollar this year to date. In fact, the currency hit a two-year high of 63.60 last Wednesday, supported by strong inflows of foreign capital. Around the beginning of 2017, analysts were bearish on the rupee, predicting that it would ______(2)______the 70-mark by the end of the year. But strong capital inflow has managed to turn the tide. According to the Reserve Bank of India, foreign portfolio investors invested $15.2 billion in India’s equity and debt markets this year until the end of July. In addition, foreign direct investment in April-May doubled _______(3)________to last year. Such generous inflow of capital, of course, is in sharp contrast to 2013 when the tightening of policy by the U.S. Federal Reserve had rattled the rupee. This time around, emerging markets have escaped any such taper tantrum as the Fed’s approach towards tightening has been measured. Another major contributor to the rupee’s strength is the RBI’s hawkish stance, which has ______(4)_______down domestic retail inflation to a record low of just around 2%. This has spilled over to influence the external value of the rupee as well. Oil prices remaining stable at around the $50 mark too has helped as Indians have had to shell out fewer rupees on oil imports. This is reflected in the improved current account deficit, which ______(5)_______at 0.7% of GDP in 2016-17 compared to almost 4.8% in 2012-13.

Editorial Cloze Test Quiz

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