Yuan and Kashmir Send India's Rupee to Biggest Plunge Since 2013
- Monday’s fall is the steepest since 2013 taper tantrum crisis
- Rupee may test 71.50/dollar in coming weeks: Kotak Securities
This article is for subscribers only.
India’s rupee slid the most since September 2013 as the government scrapped the special status for the troubled Jammu and Kashmir state, heightening political uncertainty amid a sell-off in the region’s currencies.
The rupee weakened 1.6% to end at 70.7325 per dollar in Mumbai. The yield on the 10-year bond rose four basis points to 6.39%, reversing some of last week’s losses.