Raghuram Rajan’s coming departure gives rupee traders a local source of woe on top of global turmoil with the U.K. voting Thursday on whether to leave the European Union. The rupee, Asia’s worst performer this year after the yuan, may come under more pressure after Brexit fears last week drove up the Indian currency’s volatility by the most since August. The Reserve Bank of India governor -- who said Saturday he will leave when his three-year term ends in September -- built up foreign-exchange reserves to a record high, helping to cut the rupee’s implied price swings in half.

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