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India's rupee hits new record low against dollar

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(Globalpost/GlobalPost)

India's rupee fell to a new low Monday on growing fears about the country's slowing economy and concerns that foreign capital could flow out as the US recovery picks up.

The rupee, one of Asia's worst-performing currencies this year, fell to 62.35 rupees to the dollar, slipping past its previous low of 62.03 on August 16.

Dealers said they feared the rupee could weaken further on concerns that central bank measures undertaken over the past three months would not help the ailing currency, dealers said.

The unit has fallen nearly 14 percent against the dollar this year.

Emerging market currencies been hit on expectation that an increasingly buoyant United States will soon roll back stimulus measures that have been responsible to huge inflows of foreign investment seeking higher yields than in the West.

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http://www.globalpost.com/dispatch/news/afp/130819/indias-rupee-hits-new-record-low-against-dollar