India’s rupee fell to the lowest level in more than three weeks on speculation an improving U.S. economy will prompt the Federal Reserve to rein in stimulus measures that have spurred fund flows into emerging markets. Bonds dropped before a local debt sale.
Asian currencies rose for a fourth week, the longest winning streak in seven months, on speculation central banks will provide more policy stimulus after data from China to the U.S. fanned concerns that slowdown.
SpiceJet Ltd., the discount carrier controlled by billionaire Kalanithi Maran, will add flights to mainland China as trade expands between India and the world’s second-biggest economy amid intensifying competition at home.
Schneider Electric SA, the world’s biggest maker of low- and medium-voltage equipment, reported first-quarter sales that missed analysts’ estimates, hurt by falling demand in western Europe and North America.
China’s currency had the biggest weekly gain in six months and yuan forwards rose to a record after the central bank signaled plans to widen a trading band that’s been limiting appreciation since October.
China will probably widen the yuan’s trading band within the next three days after central bank Deputy Governor Yi Gang signaled policy makers will loosen control over the currency, according to UBS AG.
Indonesia may face more pressure than other Asian nations to raise borrowing costs this year after keeping its benchmark interest rate unchanged tomorrow, as plans to cut fuel subsidies threaten to spur inflation.