The rupee traded little changed at 64.05 per dollar as of 12:26pm in Mumbai. Photo: HTMumbai: The blowout in India’s trade gap to its worst in three years and higher prices of crude, the nation’s biggest import item, are giving ammunition to rupee bears—many of whom have been hibernating for some time. That was a quick reversal for a currency that made a strong start to 2018, reaching its highest level since April 2015 just earlier this month. “A larger commodity bill—mainly oil—could deteriorate the trade balance anew,” said Radhika Rao, an economist at DBS Bank Ltd. in Singapore. The rupee traded little changed at 64.05 per dollar as of 12:26pm in Mumbai.

Source: Mint January 17, 2018 08:03 UTC