Rupee hits record low against US dollar

<p>The rupee has been dropping in value.</p>

The rupee's drop in value of late has led to the Indian currency falling to a new record low against the US dollar.

During early trade this morning (August 19th), it fell to as low as 62.49 against the greenback.

According to a report by BBC News, the rupee is now down almost 16 per cent against the dollar in the last three months, indicating the size of its fall.

In a bid to prop up the failing currency, policymakers in India have taken the step of restricting the amount of money that can be sent out of the country.

Despite this, official data shows that since the start of June, international investors have withdrawn $11.58 billion (£7.4 billion) in shares and debt from the country's markets.

The Reserve Bank of India recently announced that it is set to sell off 220 billion rupees (£2.3 billion) of government cash management bills every Monday in a bid to support the currency through this testing period.

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