India’s rupee strengthened the most in almost a week as global stock advances tempered concern investors will increase sales of emerging-market assets. The rupee headed for the fourth gain in five days as offshore non-deliverable forward contracts showed traders pared bets for further weakness in the currency. It also rose on speculation some exporters are converting their overseas earnings after the local currency fell to a six-week low this week. “The rupee is stronger in line with the gains in global stocks and the trend in the NDF market,” said Sudarshan Bhatt, chief currency trader at state-owned Corporation Bank in Mumbai. “In addition, exporters, who were major dollar sellers yesterday, are expected to continue selling today.” The rupee climbed 0.5 percent to 48.905 per dollar as of 9:34 a.m. in Mumbai, according to data compiled by Bloomberg. It rose as high as 48.865 earlier. The currency may trade between 48.50 and 49.20 in the coming days, Bhatt said. The Standard & Poor’s 500 Index added 4.4 percent yesterday. The Bombay Stock Exchange’s Sensitive Index, or Sensex, has slid 9 percent this month. Offshore contracts indicate traders bet the rupee will trade at 49.15 to the dollar in a month, compared with expectations for 49.34 yesterday. Forwards are agreements in which assets are bought and sold at current prices for future delivery. Non-deliverable contracts are settled in dollars rather than the local currency.

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