The Rising of the Indian Ruppe

It is intresting to note that Indian Rupee has appreciated over 8% from Jan 1,2007(1 USD= Rs. 44.2) to date i.e. June 7,2007(1 USD= Rs. 40.63). Consequently,over the time Global Investors are leaning towards buying assets which are denominated by Indian Rupee.
On the account of debt settlment,even these are being driven by Indian Rupee though being actually settled another currency.for example:if the debt was say 100,000 USD and say 1 USD = 42 Rs and over the time if the Rupee has appreciated such that 1 USD = 40. The borrower will need to pay 105,000 USD(42,00,000/40) to the lender.
Following the same line, rupee-dollar future contracts are soon getting launched at Dubai Gold and Commodities Exchange(DGCX).
Although the China market and ecomnomy is booming but still the Renminbi(RMB) has not been able to reach the same status as of INR. You won't find investors keeping assets denominated by Chinese currency.
One might wonder why?