The 20 biggest emerging market currencies tumbled against the US dollar yesterday with India’s rupee particularly badly hit amid mounting market turmoil in the developing world.
The rupee slumped to an all-time low against the backdrop of deepening concerns over the government’s economic management. The 2.4 per cent fall to a record 63.2 to the dollar took the currency’s slump against the US dollar this year to 12 per cent.
Yesterday’s moves in India came alongside grim news from emerging economies and further evidence of how the US Federal Reserve’s plan to end its monetary stimulus has continued to hit stocks, bonds and currencies across the developing world.
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