Rupee Sinks to Record Low as RBI Considers Action: Mumbai Mover
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India’s rupee fell to a record low as concern debt-stricken Greece will abandon the euro bolstered demand for dollars and curbed bids for emerging-market assets.
The currency dropped the most in more than five months after Greek political leaders’ attempts to form a coalition following a May 6 election broke down yesterday. The Reserve Bank of India is closely observing the rupee’s movement and will act if needed, central bank Deputy Governor H.R. Khan told reporters at Pokhara in Nepal today, without elaborating. Separately, Deputy Governor K.C. Chakrabarty said in Mumbai that the monetary authority isn’t looking to protect any rupee level.