Indian rupee falls to 96.39 per dollar despite RBI attempts
Business
The Indian rupee just dropped to an all-time low of 96.39 against the US dollar, its seventh straight day in the red.
It's now Asia's worst-performing currency this year, slipping 2% even as the Reserve Bank of India tried to step in.
HSBC forecasts $65B deficit amid outflows
An HSBC forecast of a roughly $65 billion balance-of-payments deficit and weak foreign investment are weighing heavily on India's economy.
Since March, overseas investors have pulled out over $23 billion from Indian stocks and bonds.
Rising oil prices and global inflation haven't helped either.
The rupee has fallen more, while none have slipped as much as India's currency this year.