Already Asia’s worst-performing currency, the Indian rupee could slide further

The Indian rupee has been on a slide for months, and there seems to be no end to it.

On June 28, the currency fell to Rs69.01 against the US dollar, its weakest level till date. It is likely to slip further to Rs70 over the next few weeks as macroeconomic concerns persist, including higher crude oil prices, trade deficit, weak investor sentiment, and capital outflows. This year, Asia’s worst-performing currency has already lost over 8% of its value.

The last time things were this bad was back in November 2016, when demonetisation battered the Indian economy and left its future uncertain.