Rupee depreciates 0.55% to near its lowest ever on China-US trade war

The Indian rupee closed at 68.63 a dollar, about 0.29 per cent away from its record low closing of 68.83 a dollar reached on 28 August 2013

The rupee on Wednesday neared its all-time low, as most emerging market (EM) currencies fell to protect their relative competitive advantage vis-à-vis the Chinese renminbi after it depreciated, reacting to US tariff on Chinese goods.

The rupee closed at 68.63 a dollar, about 0.29 per cent away from its record low closing of 68.83 a dollar reached on August 28, 2013. While far from being a currency war, India does not have much of an option but to depreciate to accommodate its exports at a time when China shows its intent to let its currency depreciate. The renminbi depreciated 0.44