Indian rupee goes from Asia's best to worst performer in just two weeks

A rebound in prices of oil, and concerns about an expensive bailout for farmers before general elections to be held by May has caused the rupee to miss out on a revival

The turn of fortune for India’s rupee couldn’t be more rapid. It has gone from being Asia’s best performer to the worst in two weeks.

A rebound in prices of oil, the nation’s top import, and concerns about an expensive bailout for farmers before general elections to be held by May has caused the rupee to miss out on a revival in emerging currencies. Funds are instead piling into the Indonesian rupiah and Chinese yuan on optimism over trade talks and signs of a Federal Reserve rate hike pause.

The rupee “may be leading the divergence within EM Asia and unless oil’s