Rupee hits new low

By Editor
Rupee hits new low

The Indian rupee has hit a fresh all-time low against the U.S. dollar.

It fell to as low as 62.49 against the greenback on Monday and the decline comes amid worries of a slowdown in economic growth, with Asia’s third largest economy struggling with a gaping current account deficit.

The rupee has declined by nearly 16 percent against the U.S. dollar since May.

According to official data, international investors have withdrawn $11.58 billion in shares and debt from India’s markets since the beginning of June.

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