Rupee Leads Drop in Asian Currencies on Global Recovery Concern
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Asian currencies fell after worse-than-expected economic data from the U.S. and Europe heightened concern the global recovery is losing momentum.
India’s rupee led declines with the biggest drop in a week as the MSCI Asia-Pacific Index of shares fell the most since March 21. Official reports showed the U.K. economy shrank more than previously estimated in the last quarter of 2011, while expansion in France trailed estimates. Orders placed with U.S. factories for durable goods rose 2.2 percent in February, less than the 3 percent gain forecast in a Bloomberg survey of economists.