Rupee at its lowest since September 2013

New Delhi Jan 15 (KNN)  The Rupee is continuing its downward trend to weaken further and slipping to a low of Rs 67.44 against the dollar today.  This is the lowest value of rupee since September 2013, when the country suffered its worst market turmoil since the 1991 balance of payments crisis.
 
The reason behind the weakening rupee has been attributed to foreign investors who are selling shares in the domestic equity market which is affecting the Indian currency. Foreign institutional investors have so far sold shares worth Rs 6,500 crore in 2016. Indian stock markets are also trading near 18-month lows.
 
Further, the US dollar is continuing to strengthen, affecting the rupee. An unexpected depreciation of the Chinese yuan has also impacted emerging market currencies, reports media.
 
The yuan is down nearly 1.5 per cent since the start of the year against the dollar and has lost nearly 5 per cent since August 2015. The depreciation of yuan has raised the risks of similar devaluation by other countries to compete with China's export machine.
 
As of 11.08 a.m., the rupee traded at 67.38 per dollar against Thursday's close of 67.29. (KNN Bureau)