After a nine-day climb, the rupee began to fall back today, according to closing market data.

The Indian currency fell by 0.04% to 44.70 per dollar versus its last close of 44.70 per dollar in trading at the stock market in Mumbai.

The currency broke from a four-week high while many global investors cited concerns over the global economic recovery as the primary cause.

The fall is believed to be closely linked to a recent announcement by the Federal Reserve that signaled that the world’s largest economy, the United States, remains week. As well, it is believed that regional equities and weaker Asian currencies failed to boost the rupee on Thursday.

According to Federal Reserve Chairman Ben S. Bernanke, record stimulus may still be required to boost the “frustratingly slow” recovery in the U. S. economy. However, he indicated that there would not be a third round of quantitative easing. This news has led to a slow in purchase of emerging-market assets as confidence across the financial world is shaken.

“The Bernanke comment has renewed concern about global growth and soured sentiment across the financial market”, said Mumbai-based currency trader from state-owned Andhra Bank, Vikas Babu. “Equities are lower and there’s more demand for the dollar’s safety”.