Rupee Declines to Seven-Week Low as India’s Export Slump Deepens
- Exports fell 6.7% in April in 17th straight month of decline
- Nomura sees India’s current-account deficit widening in FY17
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The rupee fell to its weakest level since March as a slump in Indian exports deepened and U.S. retail sales data boosted the dollar.
Overseas shipments contracted 6.7 percent in April from a year ago, a 17th month of declines, while imports dropped 23.1 percent, official data showed after the close of markets on Friday. The trade data “paint a gloomy picture” on both domestic and global demand, according to a Nomura Holdings Inc. report. The Bloomberg Dollar Spot Index, which tracks the greenback versus 10 peers, extended gains after reaching a six-week high on Friday.