India Rupee Weakens to 57 for First Time in a Year: Mumbai Mover
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India’s rupee fell to 57 per dollar for the first time in almost a year as Asian stocks fell amid concern the Federal Reserve will rein in asset purchases that fueled fund flows into emerging markets.
The currency traded within 0.8 percent of a record low as the MSCI Asia Pacific Index of shares slid 1.1 percent. Dallas Fed President Richard Fisher reiterated yesterday in a BNN Television interview that he would have prefered U.S. policy makers to have started scaling back asset purchases. India’s decision yesterday to increase a tax on gold imports hasn’t influenced the rupee’s exchange rate today because the measure was already expected by investors, according to Andhra Bank.