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Indian Rupee Falls to Record Low Against Dollar
India's currency dropped to an all-time low 56.22 rupees per U.S. dollar on Wednesday, down 1% from the day before, amid fears that weak government finances and surging inflation could hurt the Indian economy.
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India's currency dropped to an all-time low 56.22 rupees per U.S. dollar on Wednesday, down 1% from the day before, amid fears that weak government finances and surging inflation could hurt the Indian economy.
The rupee has depreciated more than 6% against the dollar since the end of April and 13% since February as economists worried that foreign investors might cash out their rupee-denominated assets.
The Reserve Bank of India has been struggling unsuccessfully to prop up the rupee. Analysts say the central bank needs to intervene to defend its currency by selling dollars in foreign exchange markets.
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