Asian currencies, including the Indian rupee, fell today on concerns that the debt issues in the US and Europe will threaten the global economic growth.
Martin Feldstein, a former president of the US National Bureau of Economic Research, said that Greece will face default on its debt and Portugal together with Ireland are likely to experience the similar fate. Treasury Secretary Timothy F. Geithner warned US lawmakers that the deadline to raise the federal debt limit would not be extended beyond August 2. Overseas investors cut their investments in South Korean, Taiwanese and Thai stocks by $1.6 billion in the first four days of this week.
USD/INR climbed from 44.5050 to 44.5650 as of 8:52 GMT today after reaching the intraday high of 44.5850.
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