Indian Stocks Drop First Time in 3 Days on Fed, Rupee Concern
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Indian stocks declined for the first time in three days as stronger-than-forecast U.S. jobs data fueled concern the Federal Reserve will reduce its stimulus program and the rupee weakened to a record.
The S&P BSE Sensex tumbled 0.9 percent to 19,324.77 at the close in Mumbai. The measure’s 30-day volatility held near a one-year high. Reliance Industries Ltd., owner of the world’s largest refining complex, lost 1.5 percent. Housing Development Finance Corp. sank the most in five weeks. The rupee slid to an unprecedented 61.2125 per dollar.