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Rupee under-performs in August after Chinese Yuan, worst performing Asian currency

The rupee has been the worst-performing Asian currency in August after the Chinese yuan. The rupee depreciated by 3.65% against the dollar during the month, its steepest monthly decline in 6 years. The rupee hit 71.41 per dollar on Friday. Its all-time low was 74.48 on 11 Oct 2018. Few analysts warn of more pain ahead. Nomura says continuous Chinese renminbi depreciation will pressurize Asian currencies, including the Rupee.