The rupee skidded to an
all-time low on Tuesday as oil refiners and other companies scrambled to
buy dollars, with the currency looking increasingly vulnerable to a
swelling current account deficit.
Exposure to short-term
portfolio flows, a rising oil import bill and slowing export growth have
heightened the risk on the rupee and the outlook remains bearish.
There is also the increasing likelihood the US super committee will
fail to reach a deal on debt restructuring, which could trigger another
major round of selling of emerging market and risky assets.
It looks like Indian market may crash more due to lack of policy making and political will by congress government with sackful of scams.
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