India’s rupee tumbled to a record, prompting the central bank to intervene to support the currency, after the US signaled it will phase out a stimulus program.
The rupee weakened 1.4 percent to 59.5750 per dollar at the 5 PM close in Mumbai, after earlier dropping to an all time low of 59.9800
The report quoted some sources as saying that “The Reserve Bank of India probably sold dollars around the unprecedented 59.98 level to prevent the rupee from sliding past 60 a dollar.”
