Slower Industrial Output Weakens Indian Rupee

The Indian rupee dropped to the lowest level in almost seven weeks against the US dollar today after the reports showed that the industrial production grew with the slower pace, causing the concern that the foreign capital inflows would dwindle.
Industrial output grew 4.4 percent in September from a year ago, the smallest gain since May 2009, while the median forecast was the 6.4 percent increase. The analysts say that the impact of the slower production on the rupee will be short-termed.
USD/INR surged to 45.112 as of 10:18 GMT today from the opening level of 44.500, following the jump to 45.218.

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