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India’s Rupee Slides to 13-Month Low After Trade Deficit Widens
India’s rupee slumped to a 13-month low as concern over global growth led to a selloff in emerging-market currencies and after data showed the nation’s trade deficit widened.
2014 GDP = 1.72 trillion
India poised to be a $2 trillion economy in 2014 = Missing the Target. Only 1.72 trillion now. The Indian currency weakened 0.9 percent to 63.4950 a dollar as of 11:09 a.m. in Mumbai, according to prices from local banks compiled by Bloomberg. It touched 63.4975 earlier, the lowest level since November 2013. The yield on local sovereign bonds due July 2024 climbed eight basis points to 7.92 percent, poised for its biggest advance since August, prices from the central bank’s trading system show.
“The nervousness in the currency market spilled over into other Indian asset classes,” said Debendra Kumar Dash, a fixed-income trader at DCB Bank Ltd. in Mumbai. “That’s being reflected in bonds.”
The unexpected contraction in industrial output in October
A slew of negative data points have hit domestic sentiments, analysts say. Trade deficit widened to $16.9 billion in November - an 18 month high. A year ago, trade deficit was under $10 billion. The unexpected contraction in industrial output in October has sparked concerns about economic growth.
India’s rupee slumped to a 13-month low as concern over global growth led to a selloff in emerging-market currencies and after data showed the nation’s trade deficit widened.
2014 GDP = 1.72 trillion
India poised to be a $2 trillion economy in 2014 = Missing the Target. Only 1.72 trillion now. The Indian currency weakened 0.9 percent to 63.4950 a dollar as of 11:09 a.m. in Mumbai, according to prices from local banks compiled by Bloomberg. It touched 63.4975 earlier, the lowest level since November 2013. The yield on local sovereign bonds due July 2024 climbed eight basis points to 7.92 percent, poised for its biggest advance since August, prices from the central bank’s trading system show.
“The nervousness in the currency market spilled over into other Indian asset classes,” said Debendra Kumar Dash, a fixed-income trader at DCB Bank Ltd. in Mumbai. “That’s being reflected in bonds.”
The unexpected contraction in industrial output in October
A slew of negative data points have hit domestic sentiments, analysts say. Trade deficit widened to $16.9 billion in November - an 18 month high. A year ago, trade deficit was under $10 billion. The unexpected contraction in industrial output in October has sparked concerns about economic growth.
