India's rupee hits new low, stocks tumble further
MUMBAI (AFP) - India's rupee hit a new low and shares slipped another 1.3 percent on Monday on growing fears about the country's slowing economy and the government's ability to stem a deepening economic crisis.
The rupee, now Asia's worst-performing major currency this year, fell to 62.35 rupees to the dollar, past its previous low of 62.03 on August 16.
Indian shares, which fell nearly four percent on Friday, plunged another 1.30 percent to 18,356.54 points with nervousness setting in over the future of the currency as foreign investors pull out cash.
Dealers said they feared the rupee could weaken further on concerns that central bank measures taken over the past three months would not help the ailing currency.