Lowers exchange rate rashly, leaves audit without independence (10)

I believe the answer is:

devaluates

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'lowers exchange rate' is the definition.
I can't tell whether this defines the answer.

'rashly leaves audit without independence' is the wordplay.
'rashly' indicates an anagram (I've seen this in other clues).
'without' is a deletion indicator.
'independence' becomes 'I'.
'leaves'+'audit'='leavesaudit'
'leavesaudit' with 'i' taken away is 'leavesaudt'.
'leavesaudt' is an anagram of 'DEVALUATES'.

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I've seen this clue in The Everyman puzzle in The Observer.

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