Rupee Drops to Record low past 64 per dollar on Concern Fed Tapering to Spur Outflows Rupee plummeted past 64 per dollar for the first time on concern foreign outflows will accelerate as the Federal Reserve prepares to trim monetary stimulus. Stocks and government bonds fell. Overseas funds have pulled about $12 billion from local debt and equities since May 22 when Fed Chairman first signalled the central bank may pare its $85 billion monthly bond-buying program. The Fed may start tapering in September. The yield on 10-year government bonds climbed to the highest level since at least 2008. The slowest economic growth in a decade and a record current-account deficit have left Asia’s No. 3 economy vulnerable to a pull out of funds.
Posted on: Tue, 20 Aug 2013 07:55:52 +0000
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