Forget Turkey and Argentina. The Indian rupee’s real bugbear is the price of oil.
India’s currency had its worst month in three years in August as crude rallied on speculation sanctions on Iran will shrink global supplies. The crude import bill for the world’s fastest-growing oil user surged 76 percent in July from a year earlier to $10.2 billion. That pushed up the trade deficit to $18 billion, the most in five years.
“Dollar demand for crude heading into Iran sanctions is not helping with rupee pressures,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in