Bhaskar Dutta

India’s rupee extended its gains on Tuesday as the central bank announced more measures to support the currency which faces constant pressure from high oil prices and foreign outflows.

A country whose economy is expanding faster than those of its peers would typically expect its currency to strengthen. India’s growth has outstripped even that of manufacturing powerhouse China, yet the rupee has weakened every year since 2018.

India’s rupee extended gains as the central bank widened currency curbs to support the rupee, which faces pressure from high oil prices and foreign outflows.

India's rupee extended gains as the central bank widened currency curbs to support the rupee, which faces pressure from high oil prices and foreign outflows.

India’s importers are now in the crosshairs of the central bank, as its latest efforts to shore up the rupee expand from financial markets to the economy.

India’s rupee gained as the central bank chief said the authority would consider more steps to thwart speculative bets, days after announcing sweeping measures to bolster the currency. Central bank intervention also fueled the advance.

India’s central bank said its recent derivative restrictions will only apply to deals for hedging forex risk and not for market-making, providing a clarification after sharp swings in currency forward markets.

India’s central bank rejected all bids at a sale of federal treasury bills on Wednesday amid a bond selloff that pushed borrowing costs to multi-year highs.

Emerging-market stocks started the week lower as investors awaited earnings from some of the world’s biggest technology companies for clues on whether the artificial intelligence trade can recover from a bruising selloff.

MSCI's index for developing-world stocks dropped 0.3% on Monday, extending last week's 2.6% decline.