Rupee Drops to Record on Fed Tapering Concern

India’s rupee plummeted past 64 per dollar for the first time on concern foreign outflows will accelerate as the Federal Reserve prepares to trim stimulus.

Overseas funds have pulled about $12 billion from local debt and equities since May 22 when Fed Chairman Ben S. Bernanke first signaled the central bank may pare its $85 billion monthly bond-buying program. The Fed may start tapering in September, 65 percent of analysts surveyed by Bloomberg said this month.