Indian Rupee Tumbles Past 78 Per Dollar Amid Global Risk-Off

BLOOMBERG; The Indian rupee declined to a new record low as a global risk-off spurred by expectations of aggressive Federal Reserve tightening weighed on emerging-market assets and stoked fears of more equity outflows.

The local currency slid as much as 0.6% to 78.2825 per dollar on Monday, after having hit a series of lows in recent days.

The benchmark S&P BSE Sensex Index slid as much as 2.1% as foreigners took out about $24 billion from local stocks. Bonds also declined.