Turkish Lira-led rout complicates RBI's inflation-targetting job in India

A selloff in Turkey's lira spread to other emerging market currencies, with the rupee losing the most since September 2013

There’s not a moment of respite for India’s inflation-targeting central bank.

Just when gains in consumer prices eased, a renewed onslaught on the rupee amid a Turkish lira-led rout on emerging market currencies may require a response, and possibly more rate action.

Government data on Monday showed retail inflation quickened 4.17 per cent in July from a year earlier, slower than the 4.5 per cent median estimate in a Bloomberg survey of economists. The same day the rupee hit a record low of 69.9337 against the dollar, keeping its position as Asia’s worst-performing currency this year intact.

A weaker currency complicates the Reserve