Published on Tuesday, 20 August 2013 10:15 India’s rupee plummeted past 64 per dollar for the first time On concern foreign outflows will accelerate, India’s rupee plummeted past 64 per dollar for the first time, as the Federal Reserve prepares to trim monetary stimulus. With Fed Chairman Ben S. Bernanke first signaling that the central bank may pare its $85 billion monthly bond-buying program, overseas funds have pulled about $12 billion from local debt and equities since May 22. According to 65 percent of analysts in a survey this month, the Fed may start tapering in September, while U.S. home sales are forecast to climb to a three-year high. Based on prices from local banks, the rupee depreciated 1 percent to 63.7537 per dollar at 10:47 a.m. in Mumbai, touching an unprecedented 64.12 earlier.
Posted on: Tue, 20 Aug 2013 07:09:53 +0000
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