Indian (SENSEX) stock-index futures jumped after the U.S. Federal Reserve refrained from paring its economic stimulus program, prompting a surge in global equities. Rupee forwards strengthened the most in a year.

SGX CNX Nifty Index futures for September delivery rose 2.9 percent to 6,109 at 9:22 a.m. in Singapore, heading for a four-month high. The underlying CNX Nifty (NIFTY) Index added 0.8 percent to 5,899.45 yesterday. The S&P BSE Sensex also rose 0.8 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares surged 4.1 percent, the most since Jan. 11. One-month rupee forwards advanced 2.6 percent, the biggest increase since Sept. 14, 2012.

The MSCI Asia-Pacific Index climbed to a four-month high today after the Fed said yesterday that it wants to see more evidence that improvement in the U.S. economy will be sustained before adjusting the pace of its $ 85 billion in monthly purchases of Treasury and mortgage debt. Concerns the Fed would trim stimulus helped prompt a three-month, $ 3.7-billion selloff from Indian stocks by international investors through August, pushing the Sensex to an 11-month low.

Overseas investors bought a net $ 55 million of domestic shares on Sept. 17, data from the regulator showed yesterday, extending September’s purchases to $ 1.09 billion, poised for first month of net inflows since May.

The Sensex has increased 2.8 percent this year in local currency terms and is valued at 13.9 times projected 12-month earnings, compared with the five-year average of 14.1 times, data compiled by Bloomberg show. It has lost 11 percent this year in dollar terms. The MSCI Emerging Markets Index trades at 10.7 times.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net