Rupee Slides Past 56 to Record Low on Europe Woes: Mumbai Mover
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India’s rupee fell past 56 per dollar to a record low as investors favored the perceived safety of the greenback over emerging-market assets on concern Greece will leave Europe’s currency union.
Greece’s former Prime Minister Lucas Papademos said that while it is unlikely the nation will leave the euro, it’s still a risk, according to a report in the Wall Street Journal yesterday. The Dollar Index, which tracks the greenback against those of six major trading partners, rose 0.2 percent to a 20-month high. International investors cut holdings of Indian equities by $346 million in the past month, exchange data show.