Economics
Rupee Leads Monthly Gain in Asia Currencies; Baht Slumps on Coup
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India’s rupee led the biggest monthly gain in Asian currencies since October on optimism the new administration will implement reforms to spur growth in the region’s third-largest economy. The Thai baht slumped.
The rupee rose to a one-year high in May as global funds added to holdings of the nation’s assets after the Bharatiya Janata Party won with the biggest majority in 30 years. The baht headed for its worst month of 2014 after a military coup left the country without an elected prime minister. Overseas investors bought $3.2 billion more bonds than they sold in India and South Korea in May, while they sold $1 billion of Thai debt, the latest exchange data show.