 "offshore rupee market")
The rupee fell 1.6 per cent against the US dollar on Monday, along with other emerging market (EM) currencies and those in Asia after China devalued the yuan to 2008 lows. The government’s move to repeal Article 370 and create two separate Union Territories out of Jammu and Kashmir also weighed on the sentiment.
The rupee closed at 70.73 a dollar, the sharpest fall in percentage terms since September 2013 when the taper tantrum sent EM currencies in a tizzy. The currency closed at 69.60 a dollar on Friday.
In response to US’s additional tariff imposition, China let the yuan
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