India Rupee Falls Most in a Week on Concern Fed to Spur Outflows
- Dollar index rises to highest since 2004 after CPI data
- Global funds cut Indian bond holdings by $374 million in Nov.
This article is for subscribers only.
India’s rupee fell the most in a week on concern higher U.S. interest rates will spur more capital outflows.
The rupee dropped along with other Asian currencies on Wednesday after U.S. data showing consumer prices increased more than economists forecast in October sent the Bloomberg Dollar Spot Index to its highest level since at least 2004. Overseas funds have already pulled 24.7 billion rupees ($374 million) from Indian bonds since Oct. 30, heading for the biggest monthly outflow most since May, and $502 million from equities, according to figures from the National Securities Depository Ltd. and the stock exchange.