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Indian rupee declines on concern rate increase will slow growth
MUMBAI — India's rupee fell to the lowest level in a week as the central bank's third rate increase in less than two months spurred concern growth will slow and damp demand for the nation's assets.
The currency weakened for a fourth day after the Reserve Bank of India yesterday lowered its growth forecast for the fiscal year through March to 'around 8 per cent' from as much as 8.5 per cent. Governor Yaga Venugopal Reddy raised the benchmark rate by a half-percentage point to combat inflation, an outcome predicted by only one of the 22 economists surveyed by Bloomberg News. Most expected a quarter-point increase. I'm bearish on the rupee in the near term as the central bank's inflation measures may be at the expense of growth,'' said Manoj Rane, treasurer at the Mumbai unit of BNP Paribas SA. "Overseas investors may be reluctant to look at India and capital inflows may now be under stress."
The rupee fell 0.2 per cent to 42.64 against the dollar at the 5 pm close in Mumbai.
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