Indian Rupee Drops Most This Week in 2 Months on Dollar Demand
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India’s rupee declined this week by the most in two months on speculation importers were buying dollars to meet month-end oil payments and to take advantage of a slump in gold prices.
India, Asia’s third-biggest economy, meets about three-quarters of its oil needs from abroad. Demand for gold typically increases ahead of the Diwali religious festival that starts early in November. The purchase of gold during the festival season is considered auspicious by many Indians.