India’s Rupee Strengthens as Yellen Spurs Inflow Optimism
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India’s rupee rose the most in more than a month on optimism global funds will boost purchases of local stocks as the U.S. maintains its record monetary stimulus.
Janet Yellen, the main contender to replace Ben S. Bernanke as Federal Reserve chief when his term expires, signaled on Nov. 14 that she will press on with bond purchases until the world’s largest economy improves. That helped boost confidence in the rupee, according to BNP Paribas SA. The currency gained for a third day after Reserve Bank of India Governor Raghuram Rajan said Nov. 15 that he will seek a balance between policies aimed at reviving growth and curbing inflation.