Rupee comes back stronger on bets India's Covid crisis may be easing

The rupee has staged a strong comeback, rebounding to become Asia’s top-performing currency from its worst on signs that India’s virus crisis may be easing.

India’s currency has climbed 1.5% against the dollar in May to beat all its regional peers as the nation’s daily infections decline rapidly after touching a record high. The rupee also has the benefit of offering Asia’s highest carry returns.

The revival in the rupee’s fortunes reflects India’s efforts to tackle the pandemic, with local lockdowns helping to rein in daily cases which were the world’s highest in April. Still, the central bank may be