Mumbai: India's rupee completed a fourth weekly drop as the government seeks parliament's approval for pro-growth policies announced this quarter. The rupee declined 0.6 per cent this week to 55.5150 per dollar in Mumbai, according to data. It touched 55.6050, the weakest level since September 7. The government began announcing measures to improve public finances and attract investment on September 13.
One-month implied volatility, a measure of expected moves in exchange-rates used to price options, fell 50 basis points, or 0.50 percentage point, this week to 9.50 percent. The rate dropped 25 basis points yesterday.
Prime Minister Manmohan Singh needs lawmakers' support for plans to allow more foreign investment in pension and insurance industries. On the opening day of the winter session of parliament yesterday, Manmohan survived a bid to oust his government over its decision to permit foreign companies to open supermarkets. The currency touched the lowest level.