As India battles slowing growth, the rupee closed at a record low of 58.15 against the U.S. dollar on Monday, falling more than 1.9% over the day.
As India battles slowing growth, the rupee closed at a record low of 58.15 against the U.S. dollar on Monday, falling more than 1.9% over the day.
The U.S. Federal Reserve’s sell-off plan of emerging market currencies is pushing the rupee down. “A rupee at 57 means higher inflation, higher subsidies on imports like oil, and more stress on the balance sheets of corporates who import lots of goods,” JPMorgan India chief economist Sajjid Chinoy told Financial Times.
Almost all the gains were in the historically volatile education sector, economist explains
This sustained strength makes it likelier that the Federal Reserve will raise its key rate again before year's end
Higher borrowing costs could lead Federal Reserve to forgo another hike
Exports of gold and crude oil helped drive results
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