Indian rupee hits new low against US dollar
MUMBAI: The Indian rupee fell to a new record low against the US dollar on Friday, breaching the 57 rupee mark for the first time, as global uncertainty pushed investors to the safe-haven US currency.
The Indian unit, which has depreciated more than 10 percent since the start of April, fell to a record low of 57.14 during the day’s trading, against the previous low of 56.55 a day earlier.
The rupee has been one of the hardest-hit currencies in Asia, reflecting investor concerns about India’s economy, which suffers from high inflation and slowing growth. The economy grew just 5.3 percent in January to March, its slowest quarterly expansion in nine years.