- Rupee hits a fresh lifetime low as EM currencies slide.
- Asian currencies except Japanese yen trade on a weaker footing.
The USD/INR pair opened at 69.48 and rose to a new lifetime high of 69.61 today as other Emerging Market (EM) currencies tanked in response to the crisis in Turkey.
At press time, USD/INR is trading at 69.52. Turkey’s Lira fell more than 25 percent last week and extended the drop to a fresh record low above 7.00 per dollar.
Other EM currencies are also flashing red. Indonesian rupiah fell 0.9% in early trade. South Korean won dropped 0.62%, China renminbi 0.49%, Philippines peso 0.35%, Taiwan dollar 0.31%, China offshore 0.29%, Singapore dollar 0.19%, Thai baht 0.19%, Malaysian ringgit 0.16%. However, anti-risk Japanese yen gained 0.59%, possibly due to risk aversion.
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