Indian Rupee Snaps Rising Streak
The Indian rupee weakened after a rising oil price and hawkish Federal Reserve expectations offset foreign inflows. Overseas investors net bought over eight billion dollars in stocks. Meanwhile, the trade deficit reached a one-year high.
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India's rupee fell 0.2% to close at 94.24 this week, snapping its recovery streak amid rising oil prices and hawkish Federal Reserve expectations. The drop erased part of the gains from an over six-month high reached earlier in the week. Overseas investors have net bought over $8B in local stocks this month, providing underlying support.
