Rupee gets cushion from stock flows, current account surplus amid pandemic

India’s strongest surplus in more than a decade is supporting a currency battered by the worst pandemic outbreak in Asia.

The currency has advanced more than 2% in the third quarter, outperforming the Indonesian rupiah, its high-yielding counterpart that has sunk around 4%. The gains come even with an economy ravaged by 6.6 million infections.

The support comes from a rare current account surplus, stock inflows and asset sales that had already seen billions of dollars in inflows. The country could post $72.5 billion in balance-of-payment surplus for the fiscal year ending March, according to Barclays Plc. That would be the most