India’s Growing Rupee Defense Reassures Stock Bulls

NewsletterMarkets Daily IndiaIndia’s Growing Rupee Defense Reassures Stock BullsNation is also mulling a steep cut in the taxes paid by foreign investors on its bonds .FacebookXLinkedInEmailLinkGiftExpand500 rupee banknotes counted by a cash counting machine.Photographer: Prakash Singh/BloombergFacebookXLinkedInEmailLinkGiftGift this articleContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowFacebookXLinkedInEmailLinkGiftBy Ashutosh JoshiMay 15, 2026 at 2:42 AM UTCBookmarkSaveLock This article is for subscribers only.Good morning... I’m Alex Gabriel Simon in Mumbai, with your pre-market briefing as we assess a series of measures to support the struggling rupee.Local shares may head into Friday’s session on firmer footing, as investors take comfort from decisive measures to shore up market sentiment. The government has tightened rules for duty-free gold imports used in jewelry exports — the latest move aimed at easing pressure on forex reserves — days after doubling import duties on bullion and silver. Petrol and diesel prices have also been hikedBloomberg Terminal, which could help curb fuel demand and reduce pressure on oil refiners losing money on auto fuel sales.The efforts are helping steady sentiment among equity investors, who are betting a steadier rupee may eventually draw foreign money back into local assets. The Nifty posted a second consecutive day of gains on Thursday, clawing back some of the losses seen early in the week.Adani Group stocks will be in the spotlight after billionaire Gautam Adani and his nephew Sagar agreed to pay a total of $18 million to settle Securities and Exchange Commission allegations they made false and misleading representations about Adani Green Energy. Metal stocks are also likely to be in focus as Tata Steel, Steel Authority and Hindustan Copper announce March-quarter numbers.