Rupee hits 2-year low after devaluation of China's Yuan

August 12, 2015 10:06

The Indian rupee fell over 1 per cent to 64.85 per dollar today, a level last seen in September 2013 when the country was struggling with high current account deficit, reports NDTV.

The rupee's tumble comes amid a sharp decline across emerging market currencies following the devaluation of yuan by the Chinese government. "The devaluation of yuan has impacted all emerging currencies including rupee... Currencies with major trade with China have been more impacted," said Ashutosh Khajuria, executive director of Federal Bank.

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