Indian rupee hits 3-1/2-month low; stocks slide on tax worries

MUMBAI: The Indian rupee fell to a three and a half month low in early trade on Tuesday as concerns over retrospective taxation loomed among foreign investors, while weak Asian peers and broad dollar strength added to the pressure.

Indian stocks also fell to their lowest in nearly four weeks.

The partially convertible Indian rupee fell to 63.1550 per dollar, its lowest since Jan. 8 and compared to its previous close of 62.91/92 when it had fallen the steepest intraday since Dec. 16.

The broader 50-share NSE index fell 0.38 percent, its lowest since March 30, and headed towards a fifth consecutive day of decline.