The Indian rupee traded near 19-month low on Thursday after hitting a record low of 69 against the US dollar earlier in the session.
The partially convertible currency opened at 68.89 against the US dollar on Thursday, down 28 paise from its previous close of 68.61. This was the lowest closing for the rupee since November 24, 2016, when it had settled at 68.73.
The rupee is also among the four worst performing currencies in the emerging market economies in the last two years. The local currency has depreciated almost 3 percent in that period. Among the emerging market economies, Philippines’ peso devalued the most – around 16 percent in the last two years.
Peso's slump is followed by Brazilian real, which crashed around 9 percent while Indonesian rupiah lost 5 percent of its value against the US dollar in the last two years. Chinese yuan dropped about 1 percent in the same period.
On the contrary, South African rand has appreciated about 8 percent against the greenback. Likewise Thai baht gained about 7 percent and Russian ruble appreciated 4 percent against the dollar in the last two years.
First Published: IST