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India’s Rupee Slide Spurs Fastest BRIC Inflation
The Indian rupee’s slump to its weakest level since the era of floating exchange rates began four decades ago risks boosting the fastest inflation among BRIC nations and adds pressure to raise interest rates. The rupee slid to close at 52.32 per dollar in Mumbai yesterday, bringing its decline in the past four months to 15 percent, the biggest drop among 10 Asian currencies tracked by Bloomberg. The decline will have an “immediate impact” on inflation, Reserve Bank of India Deputy Governor Subir Gokarn said in Mumbai yesterday. A weaker exchange rate raises the cost of imported energy and other commodities, ... (full story)
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