Concerns over downgrading of Brazil's rating to junk by Standard & Poor's and looming fears of a possible rate hike by the US Federal Reserve weighed heavy on the rupee, which declined 31 paise to 66.72 against the US dollar in early trade on Thursday.
The
domestic currency had strengthened by 14 paise to settle at 66.41
against the US dollar on Tuesday amid persistent selling pressure
from banks and exporters.
The
domestic currency has so far fared much better than their regional
peers ever since China devalued the yuan or renminbi.
Following
the yuan shock, the rupee has also lost ground and declined on a
point by point basis by around 4 per cent, a survey by Care Ratings
showed. Of the 17 currencies considered by the ratings firm, the euro
and Hong Kong dollar have appreciated. Out of the remaining 15
currencies that have depreciated, five including those of Brazil,
Indonesia, South Africa, Russia and Turkey, have declined more than
than the rupee (i.e. 4%)
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