India’s Boldest Currency Move in Years Fails to Hold Rupee Gains

India’s most dramatic step in more than a decade to curb speculation in the foreign-exchange market delivered only fleeting gains, with the rupee’s initial jump reversing.

After surging as much as 1.4% at the Monday open, the rupee gave up gains and hit a fresh low in the final stretches of trading. The Reserve Bank of India on Friday said it will limit daily currency positions lenders can have in the country to just $100 million, restricting their ability to take big bets.