India’s rupee fell for a second day against the dollar, which was buoyed by signs of a compromise among U.S. lawmakers that could avert an unprecedented default in the world’s biggest economy.
India’s rupee ended three days of gains on speculation the central bank is intervening to prevent a stronger currency from hurting a revival in the economy.
India’s rupee declined to the lowest level in a week on concern slowing global growth will damp demand for the nation’s equities.
India’s rupee rose to an eight- month high and sovereign bonds gained on speculation the world’s largest democracy will elect a government capable of reviving economic growth.
India’s rupee snapped a two-day decline as government data showing the best export performance in seven months spurred optimism the $1.8 trillion economy is on the rebound.
India’s 10-year bonds dropped, pushing the yield up from the lowest level in almost a week, before reports on inflation and factory output.
India’s rupee snapped two days of losses as data showing improvement in Chinese manufacturing eased concern demand for Asian assets will slow.
"The rupee earlier gained on the back of optimism about inflows, driven by improving economic fundamentals."
- Paresh Nayar on Sep 19, 2014