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Good morning…
I’m Alex Gabriel Simon in Mumbai with the latest on stocks and a rapidly sinking rupee.
Wednesday brought another record low for the Indian currency. The rupee has now weakened for nine straight sessions — the longest losing streak in a decade — pushing it close to 97 per dollar. Later in this newsletter, we explain why global investors think there may be more pain ahead. Markets are keeping a close eye on what more policymakers will do to stem the slide. As for stocks, the Nifty has largely consolidated around the 23,600 level this week, with traders waiting for fresh cues that could break the stalemate. Asia’s equity benchmark is up more than 2.5% in early trading after a four-day decline. US President Donald Trump told reporters that the US is in the “final stages” with Iran, sparking investor hopes that a deal is close.
In today’s newsletter, we write about:
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