Indian equities climbed the most in about a week after the Reserve Bank of India took measures to contain the rupee’s slump.
Tata Consultancy Services Ltd. (TCS), the top software exporter, rose the most in three weeks. Reliance Industries Ltd., owner of the world’s largest refining complex, increased the most in a week. The BSE India Sensitive Index (SENSEX), or Sensex, added 0.4 percent to 16,943.48, the steepest gain since Jun 21, according to preliminary closing prices in Mumbai. The gauge changed directions at least 20 times.
India’s central bank yesterday raised the amount of government debt foreign funds can hold by $5 billion. The rupee is Asia’s worst performer in the past year, and its weakness has added to inflation that the central bank deemed on June 18 too high to allow an interest-rate cut.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org