Indian Rupee Falls to Record Low Ahead of Fed Minutes
The Indian rupee fell to the record low today as speculations about possible quantitative easing tampering by the US Federal Reserve were hurting riskier currency of emerging markets.
The Fed will release minutes of its last policy meeting today. Traders are concerned that the US central bank will reduce monetary stimulus as soon as the next month and this may lead to slowdown of US and global economic growth. The minutes may confirm or contradict such outlook. For now, uncertainty makes market participants unwilling to risk.
USD/INR jumped from 63.1550 to 64.1155 as of 12:54 GMT today and its daily maximum of 64.6000 was the highest price in the history.
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Earlier News About the Indian Rupee:
- Indian Rupee Drops on Regulations Worries & Fed Speculations (2013-08-16)
- India Rupee Lead Asian Currencies in Weekly Decline (2013-08-02)
- Rupee Rises as RBI Tightens Regulations (2013-07-24)
- RBI Raises Rates, Rupee Stronger (2013-07-16)
- Indian Rupee Heads to Record Low (2013-07-03)