Asian currencies fell on 22-Aug-2013 as minutes of the Federal Reserve's last meeting indicated that the U.S. central bank could start scaling back its stimulus as early as September.
The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States.
The rupee continued to depreciate against the dollar, and closed at a new low of 64.55, down 44 paise from its previous close of 64.11.
The India’s rupee, Indonesia's rupiah , the Malaysian ringgit ,Thailand’s baht , The Philippine peso all currencies fell sharply against the dollar.
Its massive stimulus to prop up the U.S. economy generated a wave of cheap money which moved into emerging market currencies, equities and bonds
A series of initiatives to drain liquidity by the Reserve Bank of India has not helped the cause of the rupee. Rather, it has only accentuated the rupee fall, much to the chagrin of the policy-makers.