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Rupee falls to lowest since 2013 crisis on yuan devaluation
Source: Reuters
The rupee dropped sharply on Wednesday to touch its weakest level against the dollar since 2013, as China's move to devalue the yuan sparked fears of a global currency war.
The partially convertible rupee weakened to as much as 64.66 per dollar shortly after trading opened, its weakest level since September 2013, when the country was in the midst of its worst currency turmoil since the 1991 balance of payment crisis.
The rupee was trading at 64.65/66 per dollar by 09:07 a.m., weaker than its 64.19/20 close on Tuesday.
Read more: http://in.reuters.com/article/2015/08/12/india-rupee-fall-idINKCN0QH0B720150812
The Reserve Bank of India has pledged to buy "any number" of rupees at 64.85 to establish a floor. This is another bit of bad news for US exporters...
