Indian (SENSEX) stock-index futures jumped after the U.S. Federal Reserve refrained from paring its economic stimulus program, prompting a surge in global equities. Rupee forwards strengthened the most in a year.
SGX CNX Nifty Index futures for September delivery rose 2.9 percent to 6,109 at 9:22 a.m. in Singapore, heading for a four-month high. The underlying CNX Nifty (NIFTY) Index added 0.8 percent to 5,899.45 yesterday. The S&P BSE Sensex also rose 0.8 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares surged 4.1 percent, the most since Jan. 11. One-month rupee forwards advanced 2.6 percent, the biggest increase since Sept. 14, 2012.
The MSCI Asia-Pacific Index climbed to a four-month high today after the Fed said yesterday that it wants to see more evidence that improvement in the U.S. economy will be sustained before adjusting the pace of its $85 billion in monthly purchases of Treasury and mortgage debt. Concerns the Fed would trim stimulus helped prompt a three-month, $3.7-billion selloff from Indian stocks by international investors through August, pushing the Sensex to an 11-month low.
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