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Rupee Sinks to Record as Foreign Funds Dump Indian Assets on Fed

By Tony Seruga

Top currency forecaster sees recovery by the end of 2016
Stocks turn volatile as rupee drops amid derivatives expiry

The rupee tumbled to a record low and stocks fell as global funds dumped Indian assets amid rising odds for a U.S. interest-rate increase and a slump in local yields damped the appeal of the nation’s debt.

The currency plunged to an unprecedented 68.8650 per dollar Thursday, falling past its previous low of 68.8450 reached on Aug. 28, 2013. It ended 0.3 percent lower at 68.7475 in Mumbai. HDFC Bank Ltd., the top rupee forecaster based on Bloomberg’s quarterly rankings, doesn’t see the losses sustaining and predicts a recovery to 68.50 by the end of the year, according to Tushar Arora, senior economist for treasury at the lender…

Rupee Sinks to Record as Foreign Funds Dump Indian Assets on Fed

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