Economics
Rupee Plunge to Record Seen Damaging Economy; Bonds, Stocks Fall
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India’s rupee plunged to a record 60.7650 per dollar as investors favored the greenback after latest data bolstered the U.S. economic outlook. Bonds and stocks declined.
The Bloomberg Dollar Index, which tracks the U.S. currency against 10 major trading partners, rose after data yesterday showed U.S. new-home sales and consumer confidence exceeded economists’ estimates. Federal Reserve Chairman Ben S. Bernanke said June 19 the central bank may phase out a stimulus program this year should the U.S. economy improve.