Rupee Tumbles to a Record Low as Stocks Slump on Inflation Woes
- Currency falls as much as 0.5% to a record low of 77.6313/USD
- Weakening currency isn’t good for markets, DCB’s Verma says
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The Indian rupee tumbled to a record, weighed by a slump in equities amid concerns accelerating inflation may eat into company earnings.
The rupee dropped as much as 0.5% to 77.6313 per dollar on Thursday, hitting a new low for the second time this week before paring losses on possible central bank intervention. The benchmark Sensex Index tumbled 2.1% to the lowest in two months.