Rupee Breaks Record Low Due to Currency Outflows

The Indian rupee has hit a record low against the dollar despite recent efforts to prop-up the currency.

On Wednesday India’s central bank put further restrictions on the amount of money that companies and individuals can send out of the country.

That had little impact and the rupee fell to 62.03 to the dollar, below its previous low of 61.80 hit on 6 August.

Overseas investors have been pulling money out of Indian shares and debt on concerns over the economy.

According to official data, international investors have withdrawn $11.58bn in shares and debt from India’s markets since the beginning of June.

via BBC

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