Quartz: Indian Rupee Falling
The US trade war, a US dollar rising in value and the end to low-cost borrowing are prompting emerging market currencies to plunge in value: “Already, higher crude oil prices, a widening trade deficit, and the exit of foreign investors from India have shaved off over 8% from the rupee’s value this year,” reports Nupur Anand for Quartz. “Turkey has been in a rough patch this year, with its currency, the lira losing 50% in the last over 12 months.” Worries about the decline in the Turkish lira is spreading to other countries like India. US tariffs on steel went into effect August 10: Among countries producing steel, India ranks 3rd, the US 4th and Turkey 8th. India Among the world’s largest economies, Turkey is ranked 17th and India is ranked 6th. Both countries are net energy importers, and both eye oil price increases with the commodity paid for in dollars. The stronger US dollar could widen the US trade deficit. – YaleGlobal
Quartz: Indian Rupee Falling
Higher borrowing costs and a US trade war are hammering currencies in emerging markets, including the lira in Turkey and the rupee in India
Monday, August 13, 2018
Read the article from Quartz about the falling value of currencies for emerging markets.
Nupur Anand is a writer for Quartz India, based in Mumbai and covers financial institutions. She has been a journalist for nearly a decade and in her previous stints at Business Standard, DNA, The Economic Times, and Bloomberg TV she has also covered corporate and personal finance.
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