Rupee Rebounds After Debt Holding Limit for Foreigners Raised
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India’s rupee rebounded, erasing the day’s losses, after the nation boosted a limit on foreign investments in local-currency debt.
The regulatory ceiling on holdings was increased by $10 billion to $75 billion, according to a statement on the central bank’s website. The ownership cap for government notes was raised by $5 billion to $25 billion and that for company notes to $50 billion from $45 billion. The Reserve Bank of India will cut interest rates next week for the first time since April to help revive economic growth, a Bloomberg survey showed.