Rupee Surges Most in 18 Months as India Plans Steps to End Rout
- Rupee rallies as much as 1.1%, the most since March 2017
- S&P BSE Sensex closes 0.8% higher after two days of losses
The rupee has slumped to a succession of record lows in the past three months.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India’s rupee rallied the most in 1 1/2 years and stocks recovered after an official said the government may announce measures to support the currency after a planned review of the economy by Prime Minister Narendra Modi this weekend.
The government is not ruling out an increase in interest rates, the official told reporters in New Delhi, asking not to be identified citing rules. The rupee has set one record low after another amid a selloff in emerging-market currencies and concern about India’s widening current-account deficit.