Indian rupee hits record low of 58.15 against US dollar, some say bottom near

The Indian rupee hit a record low on Monday, weighed down by broad gains in the US dollar and choppy domestic shares, although the local currency was seen recovering on expected Reserve Bank of India (RBI) intervention and potential government measures.

The rupee's fall has escalated worries about the country's current account deficit and complicated the task for policy makers looking to revive an economy that grew at its slowest in a decade in 2012/13. Analysts said the Reserve Bank of India could turn more cautious about cutting interest rates at its policy review on June 17, potentially reducing confidence in the country's economic outlook. The dollar rose against the yen and other major currencies on Monday, extending gains made after Friday's U.S. jobs report left open the prospect of the Federal Reserve scaling back stimulus soon.

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