India: Rupee falls to almost two-year low amid market volatility
August 25, 2015
On 21 August, the Indian Rupee fell to a nearly-two-year low, closing the day at 66.0 INR per USD. The figure represented a 3.9% depreciation over the same day of the previous month and an 8.8% depreciation over the same day of last year. The currency’s decline in value comes against a backdrop of high levels of market volatility following China’s surprise devaluation of the yuan earlier in the month. Large depreciations have been recorded in other Asian currencies and Indian stock markets have been under pressure due to a broad selloff of Indian stocks.FocusEconomics Consensus Forecast panellists expect the rupee to end this year at 64.9 INR per USD. For 2016, the panel projects the INR to trade at 64.1 per USD.