Rupee Logs Biggest Decline Globally In August

Massive capital outflows to the tune of 62,000 crore ($10.5 billion) by foreign institutional investors in the June-July had added to pressure on rupee.

"Nonetheless, there are signs of optimism as recently improved performance in external sector has delivered better results in September and rupee has gained the most in last 20 days as compared to its peers," he added.

So far in September, rupee has appreciated nearly 5 per cent on back of renewed investor sentiments.

While India witnessed a sharp decline in its currency, its neighbor China's Yuan has gained 0.2 per cent against the U.S. dollar. The maximum currency appreciation was noticed by Korea's won (1.2 per cent) in the month of August.

The other top 10 countries in terms of maximum depreciation in currency values were Norway's krone (6th rank), South Africa's rand (7th), Argentina peso (8th), Thailand's baht (9th) and the Philippine's peso (10th).

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