Rupee which showed recovery in first seven months of the CY'19 lost almost all of their gains in August itself. This has come on the back of heavy FPI outflows and concerns around economic slowdown.
Rupee Loses Its One-Year Gains In August Alone; More Pain Ahead
As per a forex strategist at Nomura, even though India is unlikely to have direct repercussions of US-China trade woes, nonetheless it can't remain completely unaffected from it. Also, there has been a pull back of global funds from Indian equities after the FM in budget 2018 levied a surcharge on super-rich that also brought into net some FPIs registered as trusts.
Also, the rupee is trading in line with other Asian currencies which also have been hit to trade woes and pulled some of the currencies like the Chinese yuan to 11-year low. Analysts are of the belief that the currency is likely to witness worst monthly loss in 6 years time and there is more pain in store for the domestic rupee. Nomura expects the currency to end 2019 at 72.5 per dollar.
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