India’s rupee hits new record low against dollar

MUMBAI, August 16, 2013 (AFP) – India’s rupee plunged to a fresh record low against the dollar on Friday over fears that the central bank’s measures may not be able to prop up the ailing currency, dealers said. The rupee, one of Asia’s worst-performing currencies this year, hit a new low of 62.00 rupees to the greenback, slipping past its previous low of 61.80 rupees on August 6.

The currency has been under pressure for several months on growing concerns that foreign capital could flow back to the United States as the American economy picks up. .

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