Rupee Lures UBS as Reserves Reaching $300 Billion: India Credit
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India is poised to join China, Japan and Taiwan with foreign-exchange reserves exceeding $300 billion, helping the rupee toward its best two-month gain since the period to May 2009.
The stockpile has increased $14 billion since Aug. 31 to a two-year high of $296.4 billion, heading for the biggest two-month gain since February and March 2008, Reserve Bank of India data show. A central bank report today may show that reserves are on track to reach the level shared by only three other Asian economies, according to Standard Chartered Plc and Yes Bank Ltd. The rupee has advanced 5.7 percent since Aug. 31, the second-best performance among Asian currencies behind the South Korea won’s 6.7 percent gain, data compiled by Bloomberg show.