NEW YORK ( TheStreet) -- At the end of last month we looked at whether it made sense to buy Indonesia as a contrarian trade after months of declining prices and deteriorating sentiment. Since then the Market Vectors Indonesia Equity Index ETF (IDX) has had a bumpy ride to an almost 10% gain, along with many other emerging markets, even after dropping 11% in the last week.An even bigger investing basket case has been India which has had problems with relatively high inflation and the Indian rupee. India's currency has declined 13% against the US dollar in 2013; a huge move for a currency. Last week India's central bank raised rates to 7.5% from 7.25% to try to contain inflation, a move that is putting political pressure on Prime Minister Manmohan Singh who is up for reelection in April 2014.
Is It Time To Buy India?
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