India’s Rupee Completes Monthly Decline as Funds Sell Stocks

India’s rupee completed a monthly loss as overseas funds dumped stocks on concern the global economic slump will hurt growth and erode earnings.

The currency extended last year’s 19 percent slide, the steepest since 1991, as the Reserve Bank of India this week lowered the growth forecast to 7 percent for the year ending March 31, the slowest in six years. The next fiscal year will be “more difficult,” Governor Duvvuri Subbarao said on Jan. 27. The benchmark stock index slumped 2.3 percent this month as equity sales by foreigners exceeded purchases by $1.1 billion. MORE...