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Indian rupees worst among Asian currencies in April-June quarter; plunges 8.6pct

Posted on 01 July 2013

The rupee leads the losers’ chart among Asian currencies in the April-June quarter by plunging 8.6%, during the period due to massive capital outflows on worries of withdrawal of the US stimulus and reported cash crunch in China.
The rupee lost 8.6% in the quarter as foreign investors sold a whopping $7 billion in June alone in debt and equities, recording the worst fall in a decade among the Asian currencies, as per an analysis of the currency. The rupee closed at an all-time low of 60.72 against the US dollar last week on June 26 on heavy capital outflows and month-end dollar demand from importers………………………………….Full Article: Source


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