India rupee currency slumped nearly four percent to a fresh record low against the US dollar

12 September 2013 - Which Way To Pay

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Currency News: Indian rupee falls by nearly 4% against US dollar

The Indian rupee has hit a low new low against the US dollar and dropped nearly 4% to 68.7 with increasing concerns over the health of the country's economy.

India approved infrastructure projects worth $28.4 bn (17.7bn) to try and perk up the economy and prop up its currency only days before this hit the news.

The rupee is nearly the world's worst performing currency

The rupee lost 20% of its value this year and was down 2.46% at 67.87 rupees to the dollar in the afternoon trade after plunging 3.85% at one point to 68.74 rupees. HDFC analyst Ashutosh Raina warned "The flight to dollar safety is expected to intensify pressure on the rupee in the short-term."

The rupee currency may hit 70 rupees to the dollar before it strengthens

Standard Chartered Bank forecast the rupee may hit 70 rupees to the dollar before it strengthens.

"The fall in rupee is no more (just) a country-specific issue. Emerging markets have been reeling under currency pressure with the dollar strengthening. That is going to definitely continue," Arindam Ghosh, chief executive of BlackRidge Capital Advisors told business channel ET Now.

The India's currency hit hard by other factors which puts pressure on foreign exchange reserves

The India's currency has also been hit hard by other factors, not least the country's burgeoning current account deficit. This widening deficit not only puts strain on the nation's foreign exchange reserves but also indicated that it may need to borrow more money.



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