It looks like the rupee is heading in the right direction. HSBC sees the rupee at 52 to a dollar at the end of this year, compared with an earlier estimate of 57. Why the turnaround? Foreign investors have bought $5.4 billion worth of Indian securities since July, which has helped the rupee recover 6.5% from a June low. The government’s recent policy announcements to open up sectors such as retail and aviation—along with central banks’ actions around the world—are also giving it a much-needed boost.