Rupee crashes to a decade's low of 63 a dollar

The slide that has rocked Indian markets accelerated on Monday, with the rupee hitting a record low, stocks falling to their lowest level in 11 months and yields on government bonds surging to five-year highs, Business Standard reported. Investors’ pessimism over India’s prospects has deepened and analysts expect more pain for the markets in the near term.

Despite recent measures from the central bank and the government to defend it, the rupee on Monday breached the 63-a-dollar barrier to close at 63.13, down 2.36 per cent from its previous close. This was the currency’s biggest single-day fall since September 22, 2011.

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