THE Rupee dropped by the most in almost two weeks as the dollar extended gains followings US
The rupee weakened 0.4%to 44.3850 per dollar at the close of trade in Mumbai. The currency has gained 5% this year as offshore investors poured a net $26.3 billion into Indian equities, driving the Sensex to a record close last week.
The rupee declined first time in four days as dollar in dex, which tracks the US Currency against those of six major trading partners, climbed for the second day. The US Labour department reported that a non farm payroll is climbed 151,000, more than double at 60,000 predicted as analysis. Leaders from the Group of 20 nations are due to meet in South Korea
“The rupee declined more due to the dollar move as the non farm payroll data was much stronger than which we expected. The market is also bracing for a volatile week; especially ahead of the G 20 meeting as the focus us ib whether there will be more protective measures,” a Mumbai based foreign exchange strategist at the standard chartered.
Offshore forwards indicate the rupee will trade at 46.53 against the dollar in next full year, compared with expectations of 46.14 last Thursday. Forwards are agreement to buy or sell assets at a set price and date.
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