Indian Rupee Falls From Two-Week High as Manufacturing PMI Drops

India’s rupee fell from the highest level in two weeks as a drop in a manufacturing gauge sparked concerns about growth in Asia’s third-largest economy.

A purchasing managers’ index released by HSBC Holdings Plc and Markit Economics was at 50.7 in December, lower than November’s 51.3. A figure above 50 indicates expansion. The Reserve Bank of India raised its key interest rate twice last year to rein in the region’s fastest consumer-price gains.