Indian rupee falls to lowest since 2013

Reuters: The Indian rupee dropped sharply on Wednesday (12 August) 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 0337 GMT, weaker than its 64.19/20 close on Tuesday (11 August).

India’s Chief Economic Adviser, Arvind Subramanian said the country needed to be alert.