Indian Rupee Drops Most in Two Weeks as Crude Oil Price Climbs
OREANDA-NEWS. March 11, 2011. India’s rupee fell the most in two weeks on speculation crude oil prices near a 29-month high will increase import costs and widen a record current-account deficit. Oil in
“Oil prices are something to be watchful of,” said Krishnamurthy Harihar, Mumbai-based treasurer at FirstRand Ltd. “The problem in
The currency dropped 0.4 percent to 45.1825 per dollar at the 5 p.m. close in Mumbai, according to data compiled by Bloomberg, extending its loss this year to 1.1 percent. That’s the biggest decline since Feb. 24.
The rupee also declined as the Bombay Stock Exchange’s Sensitive Index lost 0.8 percent. Overseas investors pulled USD 1.8 billion from the nation’s equities this year through Feb. 23, after pumping a record USD 29.3 billion into the securities last year, according to the Securities & Exchange Board of India.
Offshore forwards indicate the rupee will trade at
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