Economics
Rupee Posts Biggest Weekly Drop in a Month as Stocks Retreat
- S&P BSE Sensex index of Indian shares halts two weeks of gains
- Central bank to cut interest rates on Sept. 29: survey
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India’s rupee completed its biggest weekly decline in a month as local stocks retreated amid concern over Asia’s growth outlook and as the Federal Reserve kept investors guessing as to when it will raise interest rates.
Global funds pared holdings of shares this week, taking outflows for the month to $611 million, as the Asian Development Bank cut its growth forecasts for developing economies, including India. Regional currencies slumped with most equity markets on Wednesday as a selloff in riskier assets deepened after a preliminary gauge of Chinese manufacturing sank to the lowest level since 2009.