The Turkish lira, the Brazilian real, the Mexican peso, and several other emerging-market currencies are down big against the dollar. It’s not just today that the rupee is underperforming vis-a-vis its emerging-market peers, either. Exacerbating the rupee crisis today is the fact that the lower house parliament voted to pass a ahuge food subsidy bill that will likely expand the deficit, and increase inflation.


The dollar-rupee exchange rate is currently the highest percentage above its 20-day moving average of any major currency pair. One obvious source is Indian exporters of goods and services who sell their wares in the international market for dollars.
While all these forms contribute to the supply of dollars, it should be obvious that the last of them portfolio investment is a relatively uncertain source, since it necessarily implies an exit of dollars at some point.





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