Indian Rupee Gains Most in Three Weeks on Foreign Fund Inflows
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India’s rupee strengthened the most in more than three weeks on speculation more monetary stimulus in developed economies will boost inflows to higher-yielding emerging markets.
Global funds have pumped $8.2 billion into Indian stocks this year and their holdings of the nation’s debt rose to a record $33.8 billion on Feb. 21, exchange data show. Japanese Prime Minister Shinzo Abe is very likely to nominate Haruhiko Kuroda as central bank governor, according to a government official with knowledge of the matter, who asked not to be named as the talks are private. Kuroda said Feb. 11 the Bank of Japan has “really substantial room” for further easing.