India Inflation Tops Estimates as Rupee Plunge Tests Rajan
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Indian inflation accelerated more than economists estimated in July as a plunging rupee stoked import costs, with the central bank today announcing curbs on foreign-exchange outflows to try and support the currency.
The wholesale-price index rose 5.79 percent from a year earlier, a five-month high that exceeded the median 5 percent estimate in a Bloomberg News survey of 34 analysts, a government report showed today. The Reserve Bank of India later reduced the amount some companies can invest overseas, as well as the limit on resident individuals’ remittances abroad.