India's rupee skids to new record low against US dollar
MUMBAI (AFP) - India's rupee tumbled to a new record low against the dollar on Thursday as uncertainty about the future of the US stimulus programme added to growing fears about the state of the Indian economy.
Closely watched minutes from the US Federal Reserve were unable to shed any light on when the bank will begin winding down its bond-buying scheme, which has helped fuel an investment splurge in Asia's emerging markets.
The rupee sank to 65.04 against the US dollar in early trade despite suspected interventions by the Reserve Bank of India (RBI) to try to halt the slide this week. Against the Singapore dollar, it was trading at 50.55 rupees.
The unit is the worst performing currency among key Asian nations this year, losing about a fifth of its value.