Worst month for the Rupee
The rupee completed its biggest monthly loss in almost two decades as slowing economic growth and Europe’s debt crisis hurt demand for the nation's assets. The rupee declined 6.7% this month, the most since March 1992, and 0.4% on Wednesday to 52.21 per dollar in Mumbai, according to data compiled by Bloomberg. It reached an all-time low of 52.73 on November 22. The currency tumbled to a record low last week as bond yields in Greece and Italy surged to euro-area records. The slide in the currency prompted policy makers to take measures to boost the supply of dollars in the financial system. RBI on November 23 eased rules for companies to borrow abroad and sell foreign currencies through swaps, and raised interest rates on bank deposits for Indians living abroad.