India's rupee skids near 69 to the U.S. dollar

08/28/2013 | Business Standard (India)

The prospect of a surge in oil prices coupled with little effective action to trim India's ballooning current-account deficit sent the rupee tumbling yet again Wednesday, with the currency trading near 69 to the U.S. dollar. Heavy selling by foreign institutional investors also sent the stock market into a swoon. "The momentum against the rupee is very strong right now. In the current environment, it is very difficult to say at what level the rupee will have a natural full stop," said Hitendra Dave, managing director and head of global markets, India, at HSBC.

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