Indian rupee rising after Modi's currency cuts, says expert in Oman

Muscat: India's rupee currency has strengthened slightly after Prime Minister Narendra Modi scrapped high-denomination notes of Rs 500 (OMR 2.8) and Rs 1000 (OMR 5.7).
“The appreciation of the Indian rupee could be an outcome of the Indian Prime Minister’s decision to demonetize Rs 500 and Rs 1000 notes since midnight of November 8,” Sudhesh Giriyan, COO, Xpress Money, said.
He added: “With the election of the new American President, it is a little early in the day to comment on the impact of the new government on regional and global economies. With regards to currency movements, the dollar seems to be stable at the moment, the Euro has appreciated and so has the Indian Rupee,” Sudhesh Giriyan added.