Rupee Leads Drop in Asian Currencies as Reports Highlight Slump
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India’s rupee and South Korea’s won led losses in Asian currencies after reports this week added to concern the global economic slowdown is deepening, damping the region’s export outlook.
The International Monetary Fund yesterday cut its global growth forecast to the least since the 2009, and warned today that Europe’s debt crisis could worsen. Philippine overseas sales unexpectedly fell in August, official data showed today. Industrial production in Malaysia dropped in August for the first time in a year and the Bank of Korea will cut its benchmark interest rate tomorrow, according to Bloomberg surveys.