India Rupee Approaches Record Low on Concern Outflow to Continue
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The rupee weakened to within 0.9 percent of its all-time low on concern overseas investors will pull more money from local assets, leaving the currency vulnerable to a record current-account deficit.
The rupee slipped for a third day as investors waited for data on U.S. jobless claims and payrolls due this week to gauge when the Federal Reserve will begin paring its $85 billion of monthly bond purchases. Overseas funds sold a net $7.1 billion of Indian assets in June as Fed Chairman Ben S. Bernanke signaled policy makers could scale back asset buying if the U.S. economy improves in line with forecasts.