India’s rupee and stocks rose to the highest level in at least a month as an exit poll showed the nation’s main opposition party was poised to win four of five state elections before a national vote next year.
Coal India Ltd. may sell as much as 151.5 billion rupees ($3.4 billion) of stock in the nation’s biggest initial share sale as investors bet surging energy demand will override environmental delays for new mines.
Indian stocks dropped the most among major indexes in the world after rate increases by the nation’s central bank exceeded economists’ estimates. The nation’s stocks listed in the U.S. also declined more than its BRIC peers.
India’s weakest economic growth since 2009 escalates pressure on the government to increase the smallest foreign-exchange reserves among BRIC nations, as policy makers struggle to contain a sliding rupee.