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. The rupee is Asia’s worst-performing currency this year, sliding 11 percent and setting a string of record lows, most recently 71.96 per dollar on Wednesday. The pace of the decline has analysts scrambling to revise forecasts, with Mizuho changing its year-end estimate to 70.50 from an earlier prediction of 68.80. For more information Visit : www.dollaradvisory.com and Call : ✆ +91 9111179961India’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. The rupee is Asia’s worst-performing currency this year, sliding 11 percent and setting a string of record lows, most recently 71.96 per dollar on Wednesday. The pace of the decline has analysts scrambling to revise forecasts, with Mizuho changing its year-end estimate to 70.50 from an earlier prediction of 68.80. For more information Visit : www.dollaradvisory.com and Call : ✆ +91 9111179961
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