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Rupee Hits Record Low Against USD

ByJames Chen
Published 08/19/2013, 02:28 PM
Updated 07/09/2023, 06:31 AM

The rupee's drop in value has led to the Indian currency falling to a new record low against the US dollar. During early trade Monday morning, the rupee fell to as low as 62.49 against the greenback.

Outflows Restricted
According to a report by BBC News, the rupee is now down almost 16 percent against the dollar in the last three months, a huge fall. In a bid to prop up the failing currency, policymakers in India have taken the step of restricting the amount of money that can be sent out of the country.

Despite that, official data shows that since the start of June, international investors have withdrawn $11.58 billion (£7.4 billion) in shares and debt from the country's markets. The Reserve Bank of India recently announced that it is set to sell off 220 billion rupees (£2.3 billion) of government cash management bills every Monday in a bid to support the currency through this testing period.

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