Congress rise slows Indian rupee ascent

After an immediate decline in the rupee’s value to about 46 to the dollar, it strengthened on news of the selection of former economist Manmohan Singh as the new prime minister, after victorious Congress leader Sonia Gandhi turned down the role. But most analysts warned that while they still expect the rupee to strengthen in the medium term, it would be more gradual than previously expected.

Investors are likely to stay on the sidelines in the meantime, said Siddharth Mathur, fixed income and