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Indian rupee drops to one-week low against dollar
June 12, 2014, 8:14 am

Official government figures released yesterday revealed the widest trade deficit in ten months, $11.2 billion in May  [AP]

Official government figures released yesterday revealed the widest trade deficit in ten months, $11.2 billion in May [AP]

The India rupee on Thursday dropped to a one-week low, depreciating by 9 paise to 59.36 against the dollar in early trade on the Interbank Foreign Exchange market.

Dealers said the US dollar strengthened against the rupee in line with its gains against other Asian currencies. Indian traders are awaiting retail inflation data to be reported later today in New Delhi.

Official government figures released yesterday revealed the widest trade deficit in ten months, $11.2 billion in May.

The rupee had snapped its two days of losses and edged up by two paise to close at 59.27 against the dollar following late selling of the US currency by exporters yesterday.

The new government has vowed to revive the economy and bring inflation down. A single party majority in the Indian parliament could aid the ruling party to push through critical reforms without being constrained by coalition politics.

 

Source: Agencies

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