Indian Rupee surges the most since 2013 as central bank steps up efforts to crack down on speculative trading.

The Indian rupee surged the most in over 12 years, following the government's crackdown on speculative activities by tightening local bank positions and expanding restrictions to offshore derivatives a few days later. On Thursday, the rupee briefly rose by 1.7% to 93.25 rupees per US dollar, marking its biggest gain since September 2013. The rupee's foreign exchange market resumed trading after being closed for two days. Meanwhile, US President Donald Trump hinted at the possibility of escalating war with Iran, causing most Asian currencies to weaken.