Why the Rs. Plunged to a Record Low of 59.57

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The Indian rupee hit a record low of 59.94 on Thursday, while the BSE Sensex plunged over 400 points after US Federal Reserve Chairman Ben Bernanke confirmed that the Fed would begin reducing its stimulus spending later this year. Fed's overnight comments were a confirmation of what markets feared since May 22, when Mr Bernanke first signalled that the Fed may cut the pace of bond purchases at the next few meetings.
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