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The Indian rupee has continued to slide in value against the US dollar amid concerns that high oil prices will stoke inflation in the economy. The Indian currency is down 8% against the dollar this year as the soaring cost of oil has eaten into household budgets and hit the trade balance. Wholesale prices in India, which imports 75% of its oil, are rising at their sharpest rate in 13 years. One rupee was worth $42.972 on Monday, down from $42.92. 'Difficult times' Asian currencies fell across the board on Monday after global oil prices showed no signs of retreating, despite a pledge by Saudi Arabia to increase output again if necessary. India's economy, which has enjoyed exceptional growth in recent years, is vulnerable to the soaring cost of the commodity because of its dependence on imported oil. Hefty government subsidies... [read full story]
