Indian rupee declines to record low against the USD

The Indian rupee decreased to 53.42 against the USD, losing over 10% since the beginning of 2011. Investors' sentiment was impacted by the decrease in factory output by 5.1% on a yearly basis as compared to 0.5% expected. The government also cut the growth forecast to 7.25% from 9% projected previously. The rupee is Asian worst-performing currency, said Thomas Harr, a currency strategist at Standard Chartered Bank.