Emerging Currencies Advance to Three-Month High on Fed Rate Bets
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Emerging-market currencies rallied to the highest level since February and stocks climbed as speculation that the Federal Reserve will delay raising interest rates spurred demand for riskier assets.
A gauge tracking 20 developing-country currencies rose 0.6 percent as South Africa’s rand jumped to a three-week high and the rupee climbed the most since January. The real weakened as Morgan Stanley and other banks said the Brazilian currency’s recent gains would be hard to sustain. ICICI Bank Ltd. jumped 8.1 percent in Mumbai. PetroChina Co. fell 4.7 percent in Hong Kong after posting a record-low quarterly profit.