Rupee Declines a Second Day on Deficit, Global Growth Concerns
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India’s rupee dropped for a second day after data showed the current-account deficit widened and as concern about the global economic outlook curbed demand for emerging-market assets.
Overseas investors cut their holdings of Indian equities by $626 million in the week through Sept. 28, exchange data show. India’s current-account shortfall widened to $14.1 billion in the April-June period from $5.4 billion the prior quarter, the central bank said on Sept. 30. The local currency market was shut that day as banks were closing their half-yearly accounts.