India’s Rupee Tumbles to Record Low as Industrial Output Shrinks
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India’s rupee tumbled to a record low after industrial production declined for the first time in more than two years.
The currency fell 1.5 percent, the most in three weeks, as the Central Statistical Office said factory output shrank 5.1 percent in October from a year earlier, compared with the median estimate for a 0.7 percent contraction in a Bloomberg News survey. That was the first drop in output since June 2009. The Reserve Bank of India sold dollars today to curb the rupee’s slide, according to IndusInd Bank Ltd.