Rupee Loses Mojo in Another Ugly August for India’s Currency
- It’s down 4.1% this month, the worst performance in Asia
- JPMorgan warns the rupee may near a record low before too long
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The rupee’s resilience in the face economic headwinds has come to an end, with India’s currency losing its year-to-date gains in the space of just one month.
The country’s massive domestic market is now dragging on the rupee as growth at home slows, foreigners pull cash from local equities and the currency increasingly tracks moves in the yuan as the trade war heats up.