evidence: The Indian rupee has gone from being one of Asia's most volatile currencies to among its most stable in the span of a decade. [...] The rupee continued to weaken against the dollar during Prime Minister Narendra Modi's rule over the past decade, but the swings became less wild over that period. Economic growth that beat most other nations, policy continuity and political stability — Modi remained in power after the most recent elections that concluded in early June — have drawn foreign investors. The government also implemented key reforms such as giving the central bank an inflation-target mandate and steadily whittling down the size of its budget deficit. So-called global capability centers are making India a hub for the export of services as varied as software and accounting. India now sits on top of the world's fourth-biggest pile of foreign reserves. The central bank has been buying dollars when the rupee is strong and selling foreign exchange when it weakens to lean against big moves in the currency. By managing the supply of dollars available in India's currency market, the Reserve Bank of India is able to smooth out shifts in the value of the rupee.