Rupee Slumps to Record Low

The Indian rupee slumped today as the dollar continued to strengthen on prospects for Federal Reserve’s quantitative easing to end this year.
Yesterday’s positive data from the United States added to speculations that the Fed may reduce its stimulus soon. The resulting outflow from stocks and bonds hurt currencies of emerging markets. The rupee was the worst performer among them.
USD/INR climbed from 59.6655 to 60.7400 as of 12:36 GMT today, while its intraday maximum was as high as 60.7650.

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