India Rupee Weakens on Speculation Importers Buying More Dollars
This article is for subscribers only.
India’s rupee dropped from near a seven-week high on speculation importers are stepping up dollar purchases to pay month-end bills.
The currency won’t move much from current levels as a glut in inflows accumulated due to holidays will offset demand for the greenback, according to Andhra Bank. Markets were shut April 19 and will close again April 24 for the Mahavir Jayanti celebrations. Concerns about India’s current-account deficit have eased after brent crude slipped 8.5 percent this month and gold fell 10 percent. The nation is the world’s biggest bullion importer and fourth-largest consumer of oil.