India’s once-promising emerging economy is slowing down, resulting in a housing slump in cities across the populous country, the New York Times reports.

The rupee has dropped 20 percent against the dollar since May, scaring away foreign investors, and pushing India’s central bank to raise a key short-term interest rate, making financing more expensive, the paper said.

The slump may affect potential buyers of U.S. real estate. To prevent more money from leaving the country, last month India’s central bank instituted a regulation banning Indians from transferring money overseas for real estate purchases.

Source: New York Times

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