Rupee crashes to over 8-month low of 71.81; yuan falls to 11-year low

The rupee neared 72 a dollar level on Thursday, but pushed back after an intervention by the Reserve Bank of India (RBI), as the US Federal Reserve minutes indicated that rate cuts could be delayed.
 
The Chinese yuan, too, fell to an 11-year low, responding to the US-imposed tariffs on imports. But the rupee directly followed equities, which fell sharply on Thursday.
 
The partially convertible currency closed at 71.81 a dollar, a level last seen on December 14, 2018. In the intra-day trade, however, the rupee touched 71.98 a dollar. The local currency had closed at 71.55 a