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Rupee breaches 67-mark

The Indian rupee tumbled to a 28-month low against the dollar on January 14, 2016. 

The Indian unit fell below the crucial 67-mark, tracking the sustained strength of the US dollar against its basket of emerging market currencies, and weakness in the Indian and global markets.

The rupee opened at 67.05 to a dollar at the Interbank Foreign Exchange, and later fell to 67.15 against the greenback, a level not seen since September 4, 2013.

The dollar has been consistently strong against its emerging market currencies' basket since China first devalued the yuan early last year.

The move played out as a domino effect in the currency markets of emerging economies, with most of them trading at multi-year lows against the dollar.

Source: ICMW