The Phaserl


Gold isn’t India’s problem; the sinking rupee is

by Chris Powell, GATA:

India Rupee at 11-Month Closing Low; 57 Levels Likely Soon

By Swati Bhat
Monday, June 3, 2013…

MUMBAI — The Indian rupee weakened for a fifth straight session on Monday, weighed down by losses in domestic shares and on continued growth concerns as investors pare back expectations of central bank rate cuts next month. …

The rupee lost 4.8 percent to the dollar in May — the worst performer in emerging Asia — on the back of unease over the record current account deficit, hawkish comments from the central bank chief, and concerns that foreign fund flows will dry up if the Federal Reserve unwinds its monetary stimulus.

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