The Indian rupee fell to its lowest in nearly a week on Thursday as a key ally of the country's ruling coalition withdrew its support, raising worries the government may roll back big ticket reforms such as the hike in diesel prices.
Air India is the first off the blocks to slash fares on tickets booked in advance for 60 days and beyond in order to attract passengers during the forthcoming summer holidays.
The scheme could trigger a third round of price war among airlines. SpiceJet had first cut fares in January followed by Jet Airways, which announced a low fare bonanza for domestic routes in February on the same lines.
The BSE Sensex surged to its highest in 14 months, with retailers such as Pantaloon Retail India and airlines including SpiceJet rallying after the government opened up the sectors to foreign direct investment. India announced a slew of big-ticket reforms after the market close on Friday as the country's economy grew at the slowest pace in three years.
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