India Rupee in Biggest Four-Day Gain Since 1973 After U.S. Data
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India’s rupee rose 6.1 percent in the past four days, the biggest gain since at least 1973, as U.S. jobs data that fell short of estimates tempered concern the Federal Reserve will cut stimulus this month.
Non-farm payrolls in the U.S. climbed 169,000 in August, official data showed Sept. 6, trailing the 180,000 median estimate in a Bloomberg survey. Indian markets were shut yesterday for a local holiday. The Reserve Bank of India last week announced a plan to provide concessional swaps for banks’ foreign-currency deposits to boost the supply of dollars.