TAPEI — The rupee and rupiah led a third weekly advance in Asian currencies on speculation political developments in the two nations will spur investment.
The rupee had the biggest weekly gain since September after results showed the main opposition Bharatiya Janata Party and its allies won or were leading in about 340 of 543 seats up for grabs, more than the 272 needed for a majority, while Rahul Gandhi, who led the ruling Congress party campaign, conceded defeat. In Indonesia, presidential frontrunner Joko Widodo garnered more support from other parties.
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-active currencies excluding the yen, climbed 0.29% from May 9 to 116.08 in Hong Kong. The rupee rose 2.1% this week to 58.78 per dollar and touched an 11-month high of 58.62 on Friday. The rupiah appreciated 1% to 11,415 in the biggest five-day rally since March. The S&P BSE Sensex of Indian shares jumped to a record on Friday.
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