India Rupee Retreats From One-Week High as Importers Buy Dollar
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India’s rupee retreated from a one-week high on speculation importers took the opportunity to buy dollars at a more favorable exchange rate.
The rupee rose earlier as investors predict the central bank will raise interest rates for a sixth time this year at a meeting tomorrow, boosting the allure of the nation’s higher-yielding assets. Investors based abroad pumped $24.6 billion into Indian stocks this year and bought a record $9.1 billion of bonds.