India’s rupee declined on concern corporate earnings will fall as global economic growth slows, damping demand for the nation’s stocks.
The BSE India Sensitive Index (SENSEX) of shares dropped before Tata Consultancy Services Ltd. and Infosys Ltd., the country’s two biggest software exporters, release quarterly results tomorrow. Infosys’s dollar revenues may decline from the previous quarter, according to a JPMorgan Chase & Co. note dated yesterday. Dollar inflows by foreigners who bought Indian debt-purchase permits at an auction on July 4 will limit the rupee’s losses, according to state-run Andhra Bank. The rupee has weakened more than 7.5 percent in the past three months.
The rupee declined 0.4 percent to 55.6350 per dollar in Mumbai, according to data compiled by Bloomberg.