India’s Rupee Has Worst Month Since 1992 on Slowdown Concern
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India’s rupee completed its biggest monthly loss since 1992, the world’s worst currency performance, on concern a deepening economic slowdown will deter investors as the U.S. prepares to pare stimulus.
The currency slumped to a record this week as a surge in oil prices amid political tension over Syria threatened to widen the current-account deficit and push Asia’s No. 3 economy toward its biggest crisis in more than two decades. Global funds increased sales of local assets this week as UBS AG, BNP Paribas SA and Standard Chartered Plc cut growth forecasts for India. The rupee pared losses after the central bank said on Aug. 28 it will supply dollars directly to local oil importers.