India's rupee and bond yields have taken a massive beating this year as the economy struggles to manage its widening current account deficit as well as the impact of a likely tapering in US bond purchases. The rupee recovered sharply on Wednesday as the Reserve Bank of India aggressively sold dollars to prevent the currency from falling to a record low amid volatility in global markets over the US push for limited strikes on Syria. Former IMF chief economist, Raghuram Rajam began his post as new Governor of the RBI on Wednesday, with markets expecting a fresh approach to the central bank's defence of the rupee, which has so far relied on a risky strategy to drain cash and raise short-term interest rates. Click on link to see graph: (VIEW LINK)
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