India’s currency crashes to another record low
New Delhi (CNN Business)India’s currency resumed its headlong plunge on Friday, stoking concerns that the world’s fastest-growing major economy could be heading for a slowdown.
The rupee crossed 74 rupees to the US dollar for the first time ever, after the country’s central bank surprised markets by holding off on raising interest rates. The currency recovered slightly later in the day.
The Reserve Bank of India (RBI) decided against hiking rates for the third time this year despite expectations that it would act to tame inflation caused by rising oil prices and the crashing currency, which makes imports more expensive.
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