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After months of wild volatility in the rupee, India’s widening trade deficit and elevated commodity prices are bearing down on the currency, reinforcing a recent downward bias and pushing it toward a new low for the year. That’s the view of traders who’ve seen the rupee whipsaw from being Asia’s best performer in the first quarter to its worst in April when another wave of Covid-19 infections took hold. This volatility and the prospect of tapering by the Federal Reserve have also reduced the attractiveness of India’s currency for carry trades, adding to its headwinds.
Rupee Slides Towards Year s Low On Widening Trade Deficit, Rising Commodity Prices ndtv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ndtv.com Daily Mail and Mail on Sunday newspapers.
PSBs use bond rally to rake in big profits indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Asian shares opened on a cautious note, with a dearth of strong market-moving events after the US market was closed for a holiday. MSCI s broadest index of Asia-Pacific shares outside Japan was up by 0.36 per cent.