Emerging-market assets gained Monday in a session marked by a weaker dollar and a revival of the “Sell America” trade, after the US Justice Department threatened the Federal Reserve with a criminal indictment.

Indian bonds have limited scope to rally as a shift in household savings to equities and changes to banks’ investment rules dampen demand for long-term debt, according to a senior executive at ICICI Bank Ltd.

Indian government bonds fell after states unveiled a larger-than-expected borrowing plan, heightening supply concerns.

Indian sovereign bonds eligible for inclusion in global indexes are on track for a record monthly outflow, as a weaker rupee and signs the central bank is nearing the end of its interest-rate cut cycle weigh on sentiment.

Some of Asia’s strongest currency trends are starting to unravel in the final trading days of the year, with the South Korean won and the Thai baht leading the reversals.

Indian bonds rallied the most in nearly nine months on Wednesday after the central bank announced fresh measures to boost banking-system liquidity, including government bond purchases and a foreign-exchange swap.

India must find ways to reduce borrowings by its provinces as a record issuance by them will weigh on bonds and keep interest rates high, according to a veteran trader at Bank of America Corp.

India’s central bank announced fresh measures aimed at boosting banking liquidity, including government bond purchases and a foreign-exchange swap.

India’s central bank conducted foreign-exchange swaps on Tuesday, according to people familiar with the matter, a move that cooled a sharp rise in hedging costs.

India’s central bank stepped in forcefully to support the rupee, propelling it to the biggest gain in seven months in a move that some analysts said was intended to punish those betting on a one-way slide in the currency.

The Indian rupee’s rapid slide to successive record lows in recent weeks has analysts debating why the central bank has refrained from intervening more forcefully to support the currency.

India’s central bank injected $5 billion through a foreign-exchange swap auction, deploying the tool for the first time since March as signs of liquidity strain emerge among lenders.

Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:

The Indian rupee fell to a new record low, pressured by outflows from the nation’s stocks and bonds on delays in securing a deal with the US to cut tariffs.

Indian pension managers have countered an industry regulator’s proposal aimed at shielding the $175-billion industry from bond volatility, saying it could distort fund values, according to people familiar with the matter.

India’s policy of managing the exchange rate’s volatility hasn’t changed, central bank Governor Sanjay Malhotra said, quashing speculation that it was allowing large swings by staying on the sidelines and letting the rupee plumb new record lows this week.

The Indian rupee has tested a series of record lows this year, and some analysts warn it could slip to the psychologically key 90-per-dollar level if a crucial trade deal with the US doesn’t materialize soon.

The Indian rupee slid to a new all-time low against the dollar as lingering uncertainty over a US trade deal outweighed optimism from the economy’s strongest growth in six quarters.

India’s rupee weakened to a new record, pressured by dollar demand from importers and delays in reaching a trade deal that would reduce harsh US tariffs on the South Asian nation.

The International Monetary Fund reclassified India’s exchange-rate regime after the rupee moved more freely, and said the nation is well-positioned to allow greater flexibility in its currency.