The rupee clearly dominated headlines and mind space this week. The currency not only set new lows most days of the week, it fell with such rapidity. Currently it is down 3.12% on the week and 14% year-to-date (YTD) i.e. April 1. That compares with only a 0.2% gain in the Nifty this week and just a 2.8% fall YTD i.e. April 1.
The rupees fall is intriguing since it has come despite a 27% fall in crude prices from April 1 i.e. YTD. So why is the rupee getting singled out for such attacks? How will other macros in the country like the current account deficit and fiscal deficit change because of the rupee? More importantly, where and when does the rupees fall get arrested?
CNBC-TV18s Lata Venkatesh speaks to Samiran Chakraborty, chief economist at Standard Chartered Bank, Ajit Ranade, chief economist at AV Birla Group and Moses Harding head of treasury at IndusInd Bank to discuss the challenges ahead for the rupee.
Below is an edited transcript of their interview. Watch the |
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