RBI attempts to boost rupee backfiring.

Measures by the Reserve Bank of India to try to boost the rupee seem to be backfiring - for now - with the currency hitting a record low of 62.13 to the dollar. The USD-INR was +0.6% at 61.815, while shares were -3.9% on fears the RBI is losing credibility. Earlier this week, the RBI said it would cap forex outflows for local firms and residents, steps that could be perceived as "quasi-capital controls."