Indian Rupee News
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Hungary’s economy posted quarterly growth in the first three months of the year for the first time since 2011, supporting Prime Minister Viktor Orban’s quest to avoid European Union funding cuts.
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India’s rupee fell to the lowest level in more than three weeks on speculation an improving U.S. economy will prompt the Federal Reserve to rein in stimulus measures that have spurred fund flows into emerging markets. Bonds dropped before a local debt sale.
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Asian currencies rose for a fourth week, the longest winning streak in seven months, on speculation central banks will provide more policy stimulus after data from China to the U.S. fanned concerns that slowdown.
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SpiceJet Ltd., the discount carrier controlled by billionaire Kalanithi Maran, will add flights to mainland China as trade expands between India and the world’s second-biggest economy amid intensifying competition at home.
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India’s rupee completed its biggest weekly advance in more than a month on optimism imports will slow, helping rein in a record current-account deficit.
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Schneider Electric SA, the world’s biggest maker of low- and medium-voltage equipment, reported first-quarter sales that missed analysts’ estimates, hurt by falling demand in western Europe and North America.
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The rupee headed for the biggest weekly drop in a month after data showed India’s current-account deficit widened to a record while capital inflows slowed.
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China’s currency had the biggest weekly gain in six months and yuan forwards rose to a record after the central bank signaled plans to widen a trading band that’s been limiting appreciation since October.
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China will probably widen the yuan’s trading band within the next three days after central bank Deputy Governor Yi Gang signaled policy makers will loosen control over the currency, according to UBS AG.
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Indonesia may face more pressure than other Asian nations to raise borrowing costs this year after keeping its benchmark interest rate unchanged tomorrow, as plans to cut fuel subsidies threaten to spur inflation.
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