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Rupee declines to 7-week low as dollar rises and Indian exports slump
THE Indian rupee fell to the weakest level since March as a slump in Indian exports deepened and US retail sales data boosted the dollar, Bloomberg reports.
Overseas shipments contracted 6.7 per cent in April from a year ago, a 17th month of declines, while imports dropped 23.1 per cent, official data showed after the close of markets on Friday.
The trade data "paint a gloomy picture" on both domestic and global demand, according to a Nomura Holdings Inc report. The Bloomberg Dollar Spot Index, which tracks the greenback versus 10 peers, extended gains after reaching a six-week high.
Overseas shipments contracted 6.7 per cent in April from a year ago, a 17th month of declines, while imports dropped 23.1 per cent, official data showed after the close of markets on Friday.
The trade data "paint a gloomy picture" on both domestic and global demand, according to a Nomura Holdings Inc report. The Bloomberg Dollar Spot Index, which tracks the greenback versus 10 peers, extended gains after reaching a six-week high.
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