Oil puts rupee on track to beat taper-tantrum, outpace losses seen in 2013

Rupee has been setting one record low after another recently, with overseas investors having pulled a net $9.1 billion from Indian stocks and bonds this year

Move over taper tantrum. The Indian rupee looks set to outpace losses seen in 2013 as efforts by policy makers to stem its rout fall flat in the face of rising oil prices and relentless foreign outflows.

Down more than 12 percent as Asia’s worst currency in 2018, predictions that crude -- India’s biggest import -- could return to $100 per barrel signal that things may get a lot worse for the rupee in the final three months of the year. Back in 2013, the currency had rallied in the October-December period following a two-quarter plunge of more than 13 percent