India’s central bank said foreign funds that have sold offshore derivatives of local stocks and bonds must get their customers’ approval to hedge currency risk on the underlying onshore investments. The rupee rebounded.
Indian policy makers are urging citizens to resist buying gold and boosting scrutiny of speculative currency trades after import curbs and dollar sales failed to stem the world’s biggest currency loss.
Russia’s currency is gaining the most in seven months and the cost to protect government debt payments is tumbling as the rising price of oil lifts confidence in the economy of the world’s biggest energy exporter.
Turkey’s bond yields surged the most since October 2008 as investor speculation of a tapering in U.S. economic stimulus measures damped appetite for riskier assets. The lira headed for its lowest level to the dollar in a year.
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.
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.