INDIA SUMMARIZED

The rupee fell to a record low on August 19 and looked poised for further losses, with a series of measures unveiled last week failing to stall its decline. The currency fell as far as 63.22 to the dollar, breaching the previous low of 62.03 hit on August 16. Some dealers are expecting further dollar selling by the central bank as well as other measures to prop up a currency that is down 10.8% in 2013, making it the worst performer in emerging Asia. Traders seemed unconvinced about the efficacy of steps unveiled last week to contain the current account deficit at 3.7% of gross domestic product (GDP) during the current fiscal year, sharply lower than the record high 4.8% in the previous year. "Forex intervention will continue by the central bank. Further measures are expected from the RBI but are unlikely to be effective. The rupee is expected to touch 63 in no time," said Param Sarma, chief executive at Brokerage NSP Forex.  The partially convertible rupee clos...