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

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.
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  • rajivbhuva
    , contributor
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    While the rupee's weakness will immediately limit the central bank's options to pare rates, it will also fuel inflation from the current levels. And needless to say, the weak, getting weaker, rupee is also causing big damage to softer oil and commodity prices on 'landed rupee cost' basis.
    11 Jun 2013, 05:48 AM Reply Like
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