Rupee drops for a third session

Rupee drops for a third session

Mumbai: India’s rupee dropped for a third day on concerns that Europe’s debt crisis will damp demand for exports from Asia’s third-biggest economy. The rupee weakened 0.5% to 49.4 per dollar in Mumbai, the biggest loss since 22 September, according to data compiled by Bloomberg. It has dropped 9.5% so far this year.

Offshore forwards indicate the rupee will trade at 50.05 to the dollar in three months, compared with expectations for a rate of 49.93 on Monday.

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