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India's rupee slips to new record low against dollar

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(Globalpost/GlobalPost)

India's rupee hit a new all-time low on Tuesday on continuing fears that recent measures to stabilise the currency and kickstart the country's flagging economy will not work.

Asia's worst-performing currency this year slid to 64.05 rupees against the dollar, past its previous low of 63.22 struck the previous day.

The rupee has fallen 16 percent against the dollar this year.

Dealers said they feared the unit could weaken further and central bank measures undertaken over the past three months would not halt the slide.

Emerging market currencies have also been hit by expectations the US Federal Reserve will roll back its stimulus, which has fuelled a flood of foreign investment in developing economies looking for better returns than in the West.

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http://www.globalpost.com/dispatch/news/afp/130820/indias-rupee-slips-new-record-low-against-dollar