RTTN:Indian Rupee Extends Slide To Near 2-1/2-month Low Versus U.S. Dollar
Extending early slide, the Indian rupee fell below the key 63.00 mark against the U.S. dollar in evening deals on Monday.
The rupee declined, in tandem with other emerging market assets, on concerns over further reduction in asset purchase program at the two-day FOMC meeting starting Tuesday.
The rupee hit 63.175 against the greenback for the first time since November 15. Further weakness may take the rupee to a support around the 64.00 region.
India's Economic affairs Secretary Arvind Mayaram sought to alleviate concerns over fall in rupee, saying the country's economic fundamentals are "very strong" and there is no reason for panic.
With the current account deficit below $50 billion and foreign exchange reserves at all-time high, "we have very strong fundamentals in place," Mayaram told reporters today.
