Mumbai: India's rupee completed a third weekly loss on concerns that slowing growth at home and abroad will widen the nation's budget and current-account deficits. The rupee declined 0.8 per cent this week to 55.1750 per dollar in Mumbai, according to data.
The currency touched 55.1950, the weakest level since September 13, when the government embarked on a slew of policy changes to improve public finances and attract investment. The market was shut on November 13 and 14 for local holidays.
One-month implied volatility in the rupee, a measure of exchange-rate swings used to price options, fell 10 basis points, or 0.10 percentage point, to 10 per cent this week. Industrial production in Asia's third-largest economy declined 0.4 per cent in September from a year earlier, and India's trade shortfall climbed to a record, official data showed. November 12.
The government raised less than 25 per cent of the planned Rs400 billion ($7.3 billion) from a sale of airspace to mobile-phone companies as it seeks to raise funds for national finances.