Sep
05
Sinking Indian Rupee Remains Hostage to Oil
By-
Currency is Asia’s worst performer so far in 2018, sliding 11%
- Trade deficit jumped to 5-year high in July as crude rallied
Forget Turkey and Argentina. The Indian rupee’s real bugbear is the price of oil.
India’s currency had its worst month in three years in August as crude rallied on speculation sanctions on Iran will shrink global supplies. The crude import bill for the world’s fastest-growing oil user surged 76 percent in July from a year earlier to $10.2 billion. That pushed up the trade deficit to $18 billion, the most in five years…
Sinking Indian Rupee Remains Hostage to Oil
