India Rupee Drops Most in a Month on Speculation Inflows Slowed
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The rupee dropped the most in more than a month on speculation capital inflows have slowed after India’s biggest equity offering in a year. Government bonds were little changed.
The government raised 114.7 billion rupees ($2.1 billion) last week, selling a stake in the nation’s biggest power producer NTPC Ltd., the New Delhi-based company’s Chairman Arup Roy Choudhury said Feb. 8. The rupee weakened for a fourth day after the U.S. reported the smallest trade deficit in three years, helping improve demand for the dollar. The Dollar Index, which tracks the greenback against the currencies of six major trading partners, traded near a four-week high.