Emerging Markets Report: The Indian rupee just sent investors a ‘warning’ on emerging markets: analyst

A trading day Tuesday that saw the Indian rupee hit a seven-month high and then retreat offers a warning to investors about emerging markets.

At its intraday peak during Asian trading hours, the rupee USDINR, +0.0083% traded at 68.35 per dollar, its strongest versus the U.S. currency since August, according to FactSet data. But it soon turned south, falling to 69.08 rupees per dollar. In recent action, one dollar fetched 69.02 rupees.

Tuesday’s reversal of the rupee against the buck could serve to reignite worries about emerging-market currencies that had been on the wane in recent months as the likes of the rupee and the Turkish lira USDTRY, +0.0018% bounced back from last year’s steep falls, said Fawad Razaqzada, technical analyst at Forex.com, in a note.

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