Rupee & that sinking feeling: 2018 was a volatile one for Indian currency

The movement accelerated in August when oil prices also started climbing up to cross $70 a barrel on concerns about US sanctions

2018 was a volatile one for the rupee, as oil prices started rising and trade war concerns between US and China kept emerging market currencies on tenterhooks. The partially convertible currency started the year at 63.7 a dollar, but trade war tensions, leading to currency war concerns, started pulling it down rapidly in the first half of the year. The central bank tried to defend the currency till its previous record low of 68.85 a dollar. However, once the currency crossed 70, the central bank maintained a hands-off approach to protect its reserves. 

The movement accelerated in August when oil