Indian rupee slides as oil prices rise

The rise in oil prices sends the Indian government scrabbling for investment flows from overseas.

The Indian rupee has depreciated rather alarmingly in the last week, touching Rs 46.4. According to an ABN AMRO Securities India report, Indian officials attempted to prevent a further slide by saying that the depreciation of the rupee was a result of the Indian currency finding its fair value.

Ravi Kumar, chief foreign exchange dealer for ABN AMRO says that the fair value of the rupee is around 46.0, with the Indian government comfortable...

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