India's currency plumbs record low

06/18/2013 | Hindu (India), The

India's yawning current-account gap and prospects for less monetary stimulus in the U.S. contributed to the rupee's fall Tuesday to a record low of 58.77 to the U.S. dollar. "The first four months of 2014 saw over $3.6 billion of inflows in the Indian debt segment and between May and June till date, over $3.5 billion has moved out. Such a sharp outflow within such a short period of time continues to pressure the rupee. Now all eyes are on the Fed meeting," Anindya Banerjee, a currency analyst at Kotak Securities.

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