Rupee Falls As Emerging Market Currencies Dip

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The rupee fell against the dollar, surging past the 67 levels, and recovered a tad bit after slumping to as much as 67.15 in early morning trade.

Rupee Falls As Emerging Market Currencies Dip
The currency was last trading at 67.02, against the US dollar, which was a dip of almost 40 paise over Wednesday's close.

Most of the emerging market currencies were weak and stock markets in these countries from Brazil to India fell, after US Bond yields spiked. This was largely led by worries that a Trump Presidency could be inflationary and hence the need to hike interest rates in the US.

A hike in interest rates is not good news for emerging markets, as Foreign Portfolio investors move money from emerging markets to safe haven government bonds in the US.

Check currency rates here

Read more about: rupee, dollar
Story first published: Friday, November 11, 2016, 11:52 [IST]
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