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Rupee Tumbles to New Record as India Scrambles to Halt Decline

  • Current-account deficit expands to five-year high on oil costs
  • Foreign investors withdraw $601 million from bonds this month
Bloomberg business news
JPMorgan's Normand Says EM Assets to Decline in Short Term
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The Indian rupee and bonds sunk after the current-account deficit widened to the most in five years, as an emerging-market rout raises investor scrutiny of countries with worsening balance of payments.

The rupee slid as much as 1.3 percent Monday to a new low of 72.6738, leading losses among Asia’s emerging-market currencies. Sustained weakening has prompted authorities to ask the central bank to intervene more aggressively to support the currency, people familiar with the matter said.