Over the last 24 hours things have got rather nasty in Asia with
- Japan’s Nikkei 225 index falling by 2.6%;
- Hong Kong’s Hang Seng down by 2.2%;
- South Korea’s Kospi down by 1.6%;
- The Indonesian market down 4.9%
This on top of the continued fall of India’s Rupee against the US Dollar as money continue to flee the faltering economy, despite the Reserve Bank of Indias efforts to intervene. By the end of trade it had dropped to 64.13 against the US dollar, which is a new low and meaning the currency has lost over 15% of its value this quarter.
India’s woes are mirrored, but not on such a scale, across all the so called “emerging markets” as money flows to safe havens across the globe in atticipation of the US Fed ceasing its quantitive easing problem, which has flooded the global markets with cheap money.
