Mumbai: The rupee dropped to a record low of 62.03 per dollar on Friday, sparking late intervention from the central bank as its measures to tighten capital outflows raised concerns they could spook foreign investors.The Reserve Bank of India late on Wednesday unveiled rules to restrict how much its citizens and companies can invest abroad and announced additional curbs on gold imports.
The steps raised concerns of outright capital controls that would further undermine the confidence of foreign investors and also that they did not address the need to attract overseas investments to narrow the record high current account deficit.Concerns that foreign investors would sell were also reinforced after upbeat U.S. jobless claims data on Thursday suggested an early end to the Federal Reserve's asset purchases.
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