Economics
Rupee Gains for Third Day After Fed Easing Boosts Yield Appeal
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India’s rupee rose for a third day, its longest winning streak in three weeks, after the Federal Reserve’s decision to ease monetary policy boosted the appeal of higher-yielding emerging-market assets.
The Fed yesterday said it will buy an additional $600 billion of Treasuries through June, a day after the Reserve Bank of India raised its policy rates by a quarter-percentage point. The currency also gained as the benchmark Sensex index of equities climbed 2.1 percent to a record, fueling optimism overseas investors will add to their record stock holdings.