One thing to consider iswhythe rupee is depreciating.It is important to keep in mind that countries can strategically devalue their own currency via monetary policy.For example, China devalued its yuan in 2015 due to an economic slowdown (Talley & Peker, 2015).This sparked global concern that their devaluation could trigger more countries into making the same move - leading to a global economic recession (Talley & Peker, 2015).

Why would one country devaluing its currency lead to other countries doing the same?