Asian currencies tumble amidst credit concerns

India’s rupee tumbled to a record, leading declines in Asian currencies this week, as investors pulled money from stock markets amid concerns that a deepening credit- market crisis will push the global economy into a recession. The rupee dropped by the most against the greenback in more than 15 years as the Reserve Bank of India cut the cash reserve ratio for the second time in week amid a surge in lending costs between banks. Singapore's dollar reached a one-year low after the city-state became the first economy in Asia to slip into a recession. Indonesia's rupiah had the worst week since May 2006 after authorities shut the stock market for three days. “The rupee is among the most vulnerable to the global financial stress because India has welcomed more external financing than many other countries in the region,” said... [read full story]