Citigroup (NYSE:C) Issues Notes Tied to Indian Rupee

Citigroup Inc. (NYSE:C) has reportedly issued $50 million in structured notes connected to the exchange rate between the Indian rupee and the U.S. dollar.

This is the largest sale of structured notes tied to Forex since March in the U.S.

The securities offer a 5.7 percent annualized interest rate, and are over a six-month period.

If the U.S. dollar rises above 46.2 rupees, investors in the notes offered by Citigroup would lose money, said the bank. The rupee traded against the U.S. dollar on Tuesday at 45.32 a dollar.