The Indian rupee (INR) hit a fresh record low of 59 to the dollar earlier today and is down by...

|By:, SA News Editor

The Indian rupee (INR) hit a fresh record low of 59 to the dollar earlier today and is down by over 7% since the start of May. The currency has been hit by India's ballooning current-account deficit, the country's economic slowdown, and speculation about the tapering of the Fed's QE program. The rupee's weakness limits the central bank's options to cut interest rates when it meets next week.