India Forex - Rupee sees biggest weekly drop since July on Saturday 6 February 2010
Written by admin on February 6th, 2010 in India Forex.
India Saturday 6 February 2010 - The rupee fell, completing its biggest weekly loss since July, as worsening public finances in Greece, Portugal and Spain prompted investors to seek safety in the dollar.
The rupee fell for the fourth week, the longest losing streak in five months, as stocks and commodities slid worldwide and investors pulled money out of riskier assets in emerging markets.
The rupee also dropped after a report showed US jobless claims unexpectedly rose last week, spurring concern that the recovery in the world’s largest economy is faltering.
The currency weakened 1.05 per cent to 46.7425 per dollar at close. It fell 1.22 per cent this week. Offshore contracts indicate bets the rupee will trade at 46.81 to the dollar in a month, against expectations of 46.25 on Thursday.