Rupee Logs Biggest Decline Globally In August

New Delhi: The rupee emerged as the worst performer among its global peers with a fall of 8.7 per cent in August, owing largely to India's economic slowdown and poor investor confidence in the country.

The fall in rupee value against the U.S. dollar was the worst compared to its peers across Asia, Americas, Africa, Europe and the Middle East in August, as per the latest data compiled by the World Federation of Exchanges (WFE).

In September, the rupee fell to an average of 66.07 against dollar, compared with 60.80 in the previous month - a drop of 8.7 per cent. However, there was some recovery in the current month.

The currency hit a life-time low of 68.85 against the U.S. dollar on August 28.

In terms of decline during August, the rupee was followed by Indonesian rupiah (6.3 per cent), Turkish lira (4.9), Brazilian real (4.1) and Mexican peso (4).

"In addition to impact of change in global investment fund flow, India's peculiar reasons like high trade deficit and worsening investor confidence amid tax uncertainty and policy paralysis have contributed to rupee depreciation," said Atul Dhawan, partner of Deloitte Haskins & Sells.

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