India’s Rupee Declines below 61.90

India’s rupee declined the most in three days on speculation importers stepped up dollar purchases to pay month-end bills.

The currency weakened 0.2 percent to close at 61.9175 per dollar in Mumbai, according to prices from local banks compiled by Bloomberg. The rupee also fell after the Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, rose 0.1 percent.

The People’s Bank of China reduced its one-year lending rate by 40 basis points to 5.6 percent and the one-year savings rate by 25 basis points to 2.75 percent on Nov. 21. The S&P BSE Sensex of Indian equities rose to a record, rising 0.6 percent as foreigners increased holdings of the nation’s assets.

Bloomberg

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