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Speculation swirls over India's next central bank chief

Clockwise from top left: Arvind Subramanian, chief economic adviser to India's finance ministry; State Bank of India Chair Arundhati Bhattacharya; Reserve Bank of India Deputy Gov. Urjit Patel.

MUMBAI -- Speculation has begun over who will replace Indian central bank Gov. Raghuram Rajan when he steps down at the end of his term in September, but market players worry whether his successor can continue crafting solid policy and pushing for reform in the face of political pressure.

The rupee at one point weakened by nearly 1% against the dollar Monday, even as other Asian currencies strengthened on receding fears that the U.K. will leave the European Union. Indian stocks, on the other hand, edged up about 1%, rising along with other Asian shares.

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