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India’s Rupee Plunges to Record Before Federal Reserve Minutes

India’s rupee plunged to a record on concern the U.S. will pare stimulus as early as next month, intensifying outflows and leaving the currency vulnerable to a current-account deficit.

The rupee weakened 1.3 percent to 64.0450 per dollar in Mumbai, according to prices from local banks compiled by Bloomberg. It touched an all-time low of 64.55 earlier. The currency’s slump caused the benchmark stock index to erase gains of as much as 1.8 percent. The Sensex dropped 1.9 percent to 17,905.91, the lowest close since Sept. 11. Benchmark 10-year bonds rallied, pushing the yield down by the most in four years.