Currency hit record low Thursday, down 27% from last July
(NEWSER) - Economic troubles in the United States. Troubles sweeping Europe. China isn't looking so hot. And add India to the growing list of economic basket cases. The rupee hit a record low of 56.4 rupees to the US dollar on Thursday before rebounding slightly, and is down 27% against the dollar since last July, hammering local stocks, stoking inflation, and putting more pressure on a weak economy, reports al-Jazeera . "The exchange rate problem that you are seeing is probably a bit of a bubble," said India's chief economic adviser. "I do think it's a bubble, but it's not an India-specific bubble. There is something global going on." More»
