On Thursday, Indian currency weakened to 68.9100 per US dollar. This was the first time that it crossed its previous record of 68.8650 reached in November 2016. However, it recovered marginally to 68.95 per dollar in late morning deals. The rupee slumped to this low as a resurgence in crude oil prices and the emerging market selloff took a toll on the currency.
India imports about two-thirds of its fuel needs. No doubt, it is the most vulnerable in the region to advances in oil prices and impact can be huge sometimes.
Now, global funds have become selective about their emerging market investments. Foreign funds have reduced holdings of rupee-denominated government and corporate bonds by $6.1 billion and pulled $785 million from equities since the beginning of 2018.
These withdrawals have helped made the rupee the worst performer in Asia.

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