Indian Rupee Drops to Record After Currency Measures; Bonds Fall

Indian Rupee Drops to Record After Currency Measures; Bonds Fall

India’s rupee fell to a record and headed for a weekly decline on concern recent steps to steady the currency will prompt foreigners to rethink investment plans amid speculation the U.S. will pare stimulus next month.

The Reserve Bank of India on Aug. 14 announced measures to limit foreign-currency outflows from local companies and residents, and boosted efforts to lure investment. U.S. housing starts and consumer confidence data today may stoke speculation the Federal Reserve will trim its bond purchases next month, after jobless claims in the world’s largest economy fell to a six-year low. Indian government bonds fell.

The rupee fell as much as 0.9 percent today from Aug. 14 to an unprecedented 62.005 per dollar and traded at 61.87 at 10:29 a.m. in Mumbai, according to prices from local banks compiled by Bloomberg. The currency weakened 1.8 percent this week. India’s financial markets were shut yesterday for the Independence Day holiday.

The RBI steps “might be perceived as being regressive and tantamount to quasi-capital controls,” Radhika Rao, an economist at DBS Bank Ltd. in Singapore, wrote in a research report. “Despite being put forth as a temporary measure, uncertainty over more such action is likely to remain and possibly lead foreign investors to rethink plans to invest on fear of controls.”

One-month implied volatility, a measure of expected moves in the exchange rate used to price options, rose seven basis points from Aug. 9, or 0.07 percentage point, and 11 basis points today to 12.59 percent, data compiled by Bloomberg show.

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