India was happy to learn that the Pakistani government finally admitted that some of the scheming of the Mumbai attacks did happen on their soil, but the country is still looking for help from its neighbor. Indian officials are disappointed with what seems to be a lack of effort on the part of the Pakistani government in order to fight terrorism. Pakistan has started to become a little bit active in the fight by holding a small group of people who it believes were behind part of the attacks, but India is still looking for more assistance. Specifically, the government wants Pakistan to put more pressure on Lashkar-e-Taiba, a terror group who many believe was behind the attacks. The Indian government has asked Pakistan to shut down the group and to turn over the members that are believed to be guilty.
According to Bloomberg press, Westpac Banking Corporation is expecting the Indian Rupee to strength this year by 1%. A currency strategist at the company says that the Rupee will be especially strong against the United States dollar because of the severe recession in America, which is expected to lower confidence in the USD.
Westpac is bullish on the Indian Rupee because of India’s strong domestic demand for goods and its small reliance on international exports. The Rupee has already gained .4% value this year. The Indian economy is still growing at a healthy rate of 7.1%, but it is low compared to recent trends. In the three years before March 2008, the growth rate was an astounding 9.3%. In response to the reduction in growth, the Reserve Bank of India is expected to lower rates in order to encourage lending.
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