Emerging Stocks Advance for Third Day as India’s Rupee Rallies - Bloomberg

Emerging Stocks Advance for Third Day as India’s Rupee Rallies - Bloomberg:



"Emerging-market stocks rose for a third day while India’s rupee advanced with developing-nation currencies after the country’s current-account deficit narrowed.



The S&P BSE Sensex Index (SENSEX) traded near a record high and the rupee rallied to the strongest level since Dec. 11 versus the dollar. Indonesia’s rupiah advanced to a 16-week high and South Korea’s won added 0.5 percent. Prada SpA (1913), the Italian maker of handbags, sank to the lowest level since 2012 in Hong Kong after Chinese Finance Minister Lou Jiwei said the government may impose higher taxes on luxury goods.



The MSCI Emerging Markets Index climbed 0.6 percent to 964.95 as of 1:43 p.m. in Hong Kong, poised for the highest close since Feb. 28. India’s current-account deficit in October through December shrank to the smallest in four years, a report showed after the market shut yesterday. Global equities have rebounded as concerns eased that Russia’s military intervention in Ukraine’s Crimea region will spur a broader conflict."



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