India’s Rupee Drops to Six-Week Low Amid Month-End Dollar Demand
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India’s rupee fell to its lowest level in almost six weeks on speculation importers are stepping up dollar purchases to pay month-end bills.
A gauge of expected rupee swings has surged 181 basis points from a 2008 low of 4.77 percent on July 21 before a Federal Reserve meeting this week to consider the timing of the first interest-rate increase since 2006. Higher U.S. borrowing costs will reduce the allure of emerging-market assets. Indian sovereign bonds were steady on Monday.