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Rupee Falls To New Record Low Against The Dollar
BBC NEWS, BUSINESS
August 19, 2013: The Indian rupee has continued to fall, hitting a fresh all-time low against the US dollar, despite recent measures by the government to stem its decline. It fell to as low as 62.40 against the US dollar in early trade on Monday.
The decline in the currency comes as foreign investors have been pulling money out of the country amid worries of a slowdown in economic growth. International investors have withdrawn $11.58bn (£7.4bn) in shares and debt from India's markets since the beginning of June, according to official data,
India has put restrictions on money that can be sent out of the country in an attempt to prop-up the currency.
India's central bank has also increased the interest rate at which it lends money to other banks and also put a cap on their daily borrowings in an attempt to support the currency.
Policymakers have also introduced other measures, such as higher import duties on gold and a ban on imports of gold coins and bars.
