India’s rupee strengthened beyond 63 per dollar after former U.S. Treasury Secretary Lawrence Summers withdrew from the list of people being considered for the Federal Reserve chairman’s post. Government bonds advanced.
Buying the South Korean won and the Indian rupee against the yen is the best way to profit from Asia’s diverging economic growth prospects, according to BlueGold Capital Management LLP and Credit Agricole SA.
Sebastien Barbe, chief emerging market strategist at Credit Agricole CIB in Paris, comments on the outlook for India’s currency after the Reserve Bank of India tightened rules for rupee forward trading, saying canceled contracts can’t be bought again.
A surge in crude-oil prices to the highest level in two years is prompting Barclays Plc and Royal Bank of Scotland Group Plc to predict India’s widening current- account deficit will threaten the rupee’s rally.