The Indian rupee dropped toward its largest weekly backtrack against the world's reserve currency in more than two months on Friday as confidence grew about the central bank of the subcontinent advocating for exporters by maximizing the currency's advance, according to Bloomberg.
Since this past Wednesday, when the rupee notched its top level since August 2013, the monetary unit has steadily fallen. Reuters reports the rupee fell at least 11 percent against the greenback in 2013 and thus far this year, the monetary unit has climbed more than 3 percent against its rival currency.
The rupee will continue its downward dip, dragged lower by prospects for the Bharatiya Janata Party to prevail in upcoming elections in India, according to a Reuters poll.
"Right up until the time when the election results come out, things will remain positive," chief economist Madan Sabnavis with CARE Ratings told Reuters on Friday. "Then, I think we will probably get back to reality and see what kind of a government comes in and how differently are they able to do things."
The rupee dropped roughly 0.3 percent against the U.S. dollar on Friday.
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