MUMBAI, May 28: India’s rupee, which hit an unprecedented string of all-time lows last week, is set for more falls unless policymakers move quickly to put Asia’s third-largest economy back on track, analysts say.

The rupee, which slumped to as low as 56.38 to the dollar last week, pulled back marginally to 55.29 on dollar profit-taking on Monday but Indian brokerage Emkay forecast the currency could drop to 60 if weak economic growth persists.

“The Indian rupee's weakness is a symptom and not the underlying problem”, which is “policy incoherence, shifting global risk appetite and a comatose government,” said Rajeev Malik, senior economist at independent brokerage CLSA.

Ratings agency Standard and Poor's has cut India's credit outlook to negative, growth is slowing and the current account deficit — the widest measure of a country's trade with the rest of the world — is at a three-decade high.—AFP