Battered rupee highlights India woes
As India’s battered currency fell to new lows this week, local television news talked of “carnage” on Dalal Street, the home of the Bombay Stock Exchange. But worried investors had a more pressing concern: just how much lower might the rupee fall? After a week of declines the currency dropped again on Thursday, hitting its lowest ever mark of Rs54.58 against the dollar, beating the previous low set the day before. This happened in spite of interventions from the Reserve Bank of India.