India’s rupee rose for a fourth day, the longest winning streak since February, on speculation a report showing U.S. companies hired fewer workers than forecast makes the Federal Reserve less likely to cut stimulus this month.
Non-farm payrolls in the U.S. climbed 169,000 in August, official data showed Sept. 6, trailing the 180,000 median estimate in a Bloomberg survey. Indian markets were shut yesterday for a local holiday. The Reserve Bank of India last week announced a plan to provide concessional swaps for banks’ foreign-currency deposits to boost the supply of dollars.
The rupee gained 1.5 percent to 64.29 per dollar as of 9:58 a.m. in Mumbai from Sept. 6, according to prices from local banks compiled by Bloomberg. The currency, which touched an all-time low of 68.845 on Aug. 28, has advanced 5.4 percent in four trading days.
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