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The US Federal Reserve holds rates at historical lows, defying hopes from some of a first rise in nine years. Former US Presidential Adviser Pippa Malmgren explains what is behind the decision, while Jerome Booth, chairman of New Sparta, dismisses the notion that it is all the emerging markets' fault. Plus Rahul Tandon reports on the falling rupee in India, and Phil Mercer finds out how Australia is coping with the slowing growth of China.

(Photo: Federal Reserve chair Janet Yellen. Credit: AFP/Getty Images)