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India’s currency crashes to another record low

Business Finance

New Delhi( CNN Business) India’s currency resumed its headfirst plunge on Friday, stoking regards that the world’s fastest-growing major economy could be heading for a slowdown.

The Reserve Bank of India( RBI) chose against hiking rates for the third time this year despite expectations that it would act to tamed inflation caused by rising oil prices and the crashing currency, which stimulates importations most expensive.

The Indian rupee has fallen around 15% against the surging dollar this year, making it one of the world’s worst performing currencies.

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