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Rupee Jumps to 4-Month High as Patel Begins Innings as RBI Chief

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India’s rupee jumped to the highest level since early May and stocks rallied as local markets opened after a public holiday.

Emerging-market shares and currencies gained Monday after disappointing U.S. jobs data released Friday weakened the prospects of an increase in interest rates by the Federal Reserve this month. The S&P BSE Sensex index of shares surged 1.6 percent on Tuesday to close at its highest level since April last year. Foreign investors were set to be net buyers of equities for the ninth time in 10 weeks, with inflows of $222 million in the four days through Sept. 1.