Fed uncertainty hits Asian markets, India's rupee taps new low
HONG KONG (AFP) - India's rupee sank to another record low on Thursday as emerging Asian currencies retreated after US Federal Reserve minutes failed to provide clarity about the future of its stimulus programme.
While traders remain in sell mode on expectations the bank will soon pull the plug on its bond-buying, they were given a fillip by data showing Chinese manufacturing expanded for the first time in four years this month.
The rupee dived to 65.56 against the dollar at one point as worries about the Fed cash were compounded by growing fears about the state of the Indian economy.
However, it retraced slightly to 64.96 later.