Rupee Has Sixth Weekly Loss on Fed Exit Concern; Bonds Decline

India’s rupee completed a sixth weekly drop, the longest losing run in a year, on speculation U.S. policy makers will scale back asset purchases that have boosted flows to emerging markets. Government bonds fell on concern a weaker currency will spur inflation.

The rupee and sovereign notes advanced today after official data showed wholesale prices rose 4.7 percent in May from a year earlier, compared with a median forecast of 4.88 percent in a Bloomberg survey. The rupee slid to a record on June 11, before rising by the most since January the following day as Fitch Ratings upgraded India’s credit-rating outlook to stable from negative and policy makers took steps to boost the supply of dollars.