Indian rupee takes big hit

As India battles slowing growth, the rupee closed at a record low of 58.15 against the U.S. dollar on Monday, falling more than 1.9% over the day.

The U.S. Federal Reserve’s sell-off plan of emerging market currencies is pushing the rupee down. “A rupee at 57 means higher inflation, higher subsidies on imports like oil, and more stress on the balance sheets of corporates who import lots of goods,” JPMorgan India chief economist Sajjid Chinoy told Financial Times.

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