Most Indian Stocks Drop as Rupee Slide Dims Rate Cut Expectation
This article is for subscribers only.
Most Indian stocks declined as the rupee’s slump to a record dimmed expectations of a reduction in borrowing costs next week.
Fifteen stocks fell and 14 advanced on the S&P BSE Sensex, which added less than 0.1 percent to 19,441.07 at the close in Mumbai. Volume on the gauge was 29 percent less than the 30-day average. The rupee fell to an all-time low of 58 per dollar, boosting the oil bill for the nation that ships in 80 percent of its crude needs. ICICI Bank Ltd., India’s biggest non-state lender, slid 2.1 percent. Truckmaker Tata Motors Ltd. retreated for the third day.