India’s rupee fell to a two-week low on concern investors will favor the dollar over emerging-market assets as a pickup in the U.S. economy bolsters the case for further stimulus cuts by the Federal Reserve.
Indian phone carriers plunged after Credit Suisse Group AG downgraded Bharti Airtel Ltd., the No. 1 operator, and another company on concern competition from Reliance Industries Ltd. will erode earnings.
Indian-origin billionaire Pallonji Shapoorji Mistry added $2.8 billion to his wealth last year, helped by a 73 percent surge in Tata Consultancy Services Ltd. that was the best performance in the S&P BSE Sensex index.
Pakistan’s central bank, commercial banks, stock exchanges and government offices will be closed tomorrow as the nation celebrates the birth of Prophet Muhammad 15 centuries ago. They will reopen on Jan. 28.