Rupee reverses gain on devaluation rumours

Mumbai: The rupee reversed early gains and fell to a two-week low after a report India’s government may discuss a plan to devalue the currency.
The trade and finance ministries may discuss a rupee devaluation proposal next week, the CNBC television channel reported, citing a government official it didn’t identify. The nation’s exports have fallen in all but one of the past 20 months.
The rupee dropped 0.2 per cent to 67.0250 per dollar as of 10:15 a.m. in Mumbai, according to prices from local banks compiled by Bloomberg. It fell to 67.0650 earlier, the weakest level since September 1.