29 Aug 2013

Indian currency down further

10:14 am on 29 August 2013

The Indian rupee has dropped to a new low of 68.7 to the US dollar.

The decline came a day after India approved infrastructure projects worth $US28.4 billion to try to revive the economy and prop up the currency.

The BBC reports the rupee has lost 20% of its value this year.

The Bank of India has imposed restrictions on the amount of money that companies and individuals can send out of the country.

The BBC reports it has also increased the duty on gold imports three times this year. Recently it increased the interest rate at which it lends money to other banks and also put a cap on their daily borrowings.

However, despite those steps, the rupee has continued to slide.