Rupee falls to record low as instability hits emerging markets

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The Indian rupee fell 2% to its lowest level on record against the US dollar as a range of emerging markets fall prey to higher volatility.

The rupee declined to 70 against the US dollar for the first time today (August 14). There have been several bouts of instability for emerging economies’ currencies this year. The Russian ruble, South African rand, and the Argentine and Mexican pesos have all come under increasing pressure over the past week.

Turkey was the first emerging economy to be

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