Modi to hold a meeting this weekend over rupee, oil prices

Modi to hold a meeting this weekend over rupee, oil prices

The rupee jumped the most in three weeks and stocks rallied after an official said the government may announce measures to support the currency after a planned review of the economy by Prime Minister Narendra Modi this weekend.

The measures will probably include steps to curb the decline in the rupee and oil prices, the official told reporters in New Delhi, asking not to be identified citing rules. The rupee has slumped to a succession of record lows in the past three months amid a sell-off in emerging markets and concern about India’s current account deficit.

An unnamed Indian government official said monetary measures not ruled out, according to news channels. India will also release its August inflation data later today, which is expected below the Reserve Bank of India’s medium-term target.

“The market is seeing a temporary relief and moving on hope,” Sajal Gupta, head of foreign exchange and rates at Edelweiss Securities in Mumbai. “Market players will now be keenly watching the government moves. Read More

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