The Phaserl


Indian rupee falls to new low on Monday

from The BRICS Post:

The embattled Indian rupee fell over 1 per cent to hit a fresh low of 62.35 against the dollar on Monday.

The rupee had closed at 61.65 against the dollar on Friday.

The central bank on Wednesday announced measures to stem the rupee slide like restricting overseas investment and banning the import of gold coins.

The Reserve Bank of India is now widely expected to bring down rates to drive growth.

Currencies in emerging markets have tumbled amid fears that the US Federal Reserve will start tapering its fiscal stimulus by September.

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