|Indian Ruppee Drops to Record Low|
|by Tom McGregor||Wed, May 23, 2012, 06:13 PM|
The Indian rupee is continuing its downward plunge in the past few years to hit an all-time low against the U.S. dollar in early trading on Wednesday.
According to the BBC News, “the Indian currency fell to 55.82 ruppees against the U.S. dollar, from 55.39 on Tuesday. The slide comes amid concerns that slowing growth and a high rate of inflation may hurt India’s economy.”
Analysts are expressing concerns over the global economic slowdown that is getting much worse.
As reported by the BBC, “the Indian rupee has been dropping against the U.S. dollar since August last year, falling by almost 26% against the U.S. currency since then.”
Many reports are claiming that India’s central bank, the Reserve Bank of India, may intervene by selling U.S. dollars via state-run banks to avoid any further plunges.
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