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Indian Rupee Falls to a Record Low Against the Dollar
https://www.bloomberg.com/news/arti...-record-low-as-crude-oil-s-advances-take-toll
The Indian rupee slumped to an all-time low as a resurgence in crude prices and the emerging-market selloff took a toll on the currency of the world’s third-biggest oil consumer.
The Indian currency slid as much as 0.7 percent to 69.0925 per dollar Thursday, past its previous record of 68.8650 reached in November 2016. The weakness spilled onto bonds, where the benchmark 10-year yield climbed six basis points to 7.94 percent.
Brent crude’s sustained gains since the middle of 2017 has led to a widening of the nation’s current-account and fiscal deficits at a time when global funds have become selective about their emerging-market investments. India relies on imports to meet about two-thirds of its fuel needs, and the International Energy Agency expects the country to remain the fastest-growing oil consumer through 2040.
“Given India’s current-account deficit, there is a need to fund it, but we are on track for a fifth consecutive month of bond outflows and the equity market has also been experiencing outflows,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. in Singapore. Without a turnaround, the rupee may weaken past 70 per dollar, he said.
A country which can't figure out how to treat children how can they figure out diplomacy
Would Trump Jail Indians ? They already put the Indian Ambassador lady in Prison once
https://www.bloomberg.com/news/arti...-record-low-as-crude-oil-s-advances-take-toll
The Indian rupee slumped to an all-time low as a resurgence in crude prices and the emerging-market selloff took a toll on the currency of the world’s third-biggest oil consumer.
The Indian currency slid as much as 0.7 percent to 69.0925 per dollar Thursday, past its previous record of 68.8650 reached in November 2016. The weakness spilled onto bonds, where the benchmark 10-year yield climbed six basis points to 7.94 percent.
Brent crude’s sustained gains since the middle of 2017 has led to a widening of the nation’s current-account and fiscal deficits at a time when global funds have become selective about their emerging-market investments. India relies on imports to meet about two-thirds of its fuel needs, and the International Energy Agency expects the country to remain the fastest-growing oil consumer through 2040.
“Given India’s current-account deficit, there is a need to fund it, but we are on track for a fifth consecutive month of bond outflows and the equity market has also been experiencing outflows,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. in Singapore. Without a turnaround, the rupee may weaken past 70 per dollar, he said.
A country which can't figure out how to treat children how can they figure out diplomacy
Would Trump Jail Indians ? They already put the Indian Ambassador lady in Prison once
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Indians need to smell the coffee not wast time with surgical strike videos resolve Kashmir and move forward with Strong Asia Slogan
