India's rupee falls below 60 to the U.S. dollar

06/26/2013 | Bloomberg · Economic Times (India), The

India's rupee breached the 60-to-the-dollar mark, reaching a record low with the latest losses attributed to stronger economic fundamentals favoring the U.S. currency. Nonetheless, "the rupee's fall unnerved investors as 60 was a psychological barrier. The currency weakness will deter foreigners, and any chance of a rate cut by [India's central bank] is out of question," said Gajendra Nagpal, CEO of Unicon Financial Intermediaries in New Delhi.

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Bloomberg · Economic Times (India), The

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