Indian Rupee Drops to Record Low

The Indian rupee dropped today to the record low against the US dollar today on concerns that the US Federal Reserve will remove monetary stimulus.
Last week’s US non-farm payrolls boosted the dollar against other currencies, including the rupee. The weakening currency may lead to an increase of the Indian current account deficit. The rupee fell below the previous record low of 57.3275 set in June 2012.
USD/INR jumped from 57.0655 to 57.9550 as of 10:18 GMT today and its daily high was at 58.0195.

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