August 16: Despite the recent measures, the rupee has hit a record 62 to the dollar. What is leading the currency lower? “Emerging markets (EMs) were hammered by the Federal Reserve’s talk of quantitative easing tapering. India has normal issues like other EMs,” says Peter Elston, Head of Asia Pacific Strategy & Asset Allocation at Aberdeen Asset Management Asia. “A lack of domestic investment opportunities pushes investors to look abroad, which is hurting the currency,” he adds.