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Indian rupee hurtles lower as foreign investors flee

The Indian rupee slumped to a record low of more than 68 to the dollar on Wednesday on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges and volatile global markets.The pummeling in markets - which sent the rupee reeling as much as 3.7 percent to an all-time low of 68.75 - forced the central bank to intervene while state-run Life Insurance Corp was spotted buying shares, allowing domestic indexes to erase steep early losses."If steps are not taken to implement the reforms necessary to tackle the structural issues, the government will be left with the so-called '3D options': debt default, devaluation, deflation," said Angelo Corbetta, head of Asia equity for Pioneer Investments in London."In India devaluation is happening now and deflation could be about to start. The good news is that the debt default is highly unlikely."Foreign investors sold almost $1 billion of Indian shares in the eight sessions through Tuesday - a worris...

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