India’s currency and sovereign bonds rallied as sliding oil prices improved the outlook for the nation’s finances and the central bank extended support via its open-market debt purchases.
The rupee is on course for its biggest three-day advance since September 2013, with the drop in Brent crude seen helping reduce India’s net oil import bill and narrowing its current-account deficit. The yield on local benchmark bonds fell to the lowest since April as the central bank said it would buy more debt this month than initially planned.
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