Rupee plunges on growth concerns.MUMBAI: India's rupee RUPEE, comm. law. A denomination of money in Bengal. In the computation of ad valorem duties, it is valued at fifty-five and one half cents. Act of March 2, 1799, s. 61; 1 Story's L. U. S. 627. Vide Foreign coins.
2. declined on concern corporate earnings will fall as global economic growth slows, damping demand for the nation's stocks.
The rupee declined 0.4 per cent to 55.6350 per dollar in Mumbai, according to data. One-month implied volatility, a measure of exchange-rate swings used to price options, was unchanged at 12.25 per cent.
Data due today will show India's industrial production rose 1.8 per cent in May from a 0.1 per cent gain the previous month, according to the median of 33 estimates in a survey. Wholesale prices rose 7.62 per cent last month, according to another survey, compared to 7.55 per cent in May. The government is scheduled to release the data on July 16.
"The broad concerns about the global slowdown are intact," said Vikas Babu ba·bu also ba·boo
n. pl. ba·bus also ba·boos
1. Used as a Hindi courtesy title for a man, equivalent to Mr.
a. A Hindu clerk who is literate in English.
b. , a foreign-exchange trader at the lender. Three-month onshore rupee forwards traded at 56.37 per dollar, compared to 56.41 on Tuesday.
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