Rupee plummets to 2 year low against Dollar

The Indian Rupee slipped to the lowest it has been in more than two years as overseas investors sold domestic debt securities ahead of US Federal Reserve policy.

The sliding value of the Chinese Yuan also affected sentiments for emerging market currencies. Investors wanted the safety of dollar-backed assets.

The rupee weakened 0.3%, or 19 paise, to 66.76 to a dollar on Friday. During the intra-day trading, it dropped to 66.89, the lowest level since September 2013. The currency has fallen 2.2% this month in Asia's worst performance.

Image credit: Indiatimes