The Indian rupee plummeted to an all-time low against the dollar, as global economic jitters pushed traders and domestic companies to sell Asia’s weakest currency for the safer greenback, foreign exchange analysts said.
The Indian currency slumped to 52.73 against the dollar early on Tuesday, the weakest it has ever traded since Asia’s third-largest economy became independent in 1947. Its previous record low was 52.195 against the dollar on March 3 two years ago.
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ON THIS STORY
- Rupee’s fall sparks calls for action
- India plays politics with petrol price cut
- Rupee heads lower and lower
- Debt fears stalk India’s banks
- India’s inflation continues to soar as growth slows
ON THIS TOPIC
- India raises rates amid growth warnings
- India deregulates savings interest rates
- India raises rates after inflation rises
- Editorial India should keep calm on inflation
IN CURRENCIES
India’s central bank bought rupees for the first time in more than two months on Monday, several foreign exchange traders said.
The move came as the Reserve Bank of India tried to quell the sharp decline suffered by the domestic currency since August, when bad news from the eurozone led investors to sell the rupee in favour of the traditionally safer US currency. The rupee has slumped 16.8 per cent from its 2011 high in late July.
The sharp depreciation over the past three months has added to pressure on policymakers to take decisive action to boost investment, said analysts. However, the weakening rupee has also highlighted the dilemma facing the Reserve Bank of India as it wrestles with the challenges of rising prices and a slowing economy
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