New data out of India shows business there is rebounding strongly from the effects of the coronavirus pandemic. The country's economy grew for a seventh straight quarter in the April-to-June period.

India's government announced on Wednesday the country's GDP expanded 13.5 percent compared to the same quarter last year.

The trend is driven mainly by growth in the manufacturing, construction, and tourism industries.

India's GDP is now nearly back to its pre-pandemic level. But concerns remain. Russia's invasion of Ukraine is pushing up energy and food costs. Consumer prices grew 6.71 percent in July. That's above the Indian central bank's upper tolerance limit of six.

Another concern is the rupee, India's currency. It tumbled to a new low against the dollar in mid-July and is expected to remain there for some time.