Akash Prakash’s article, “Determining the dollar in Trump’s America” (January 24), is spot on with the way the US currency is inching up among a basket of currencies.
US President Donald Trump’s hawkish stance and the Federal Reserve’s inclination towards three rate hikes could spell doom for emerging markets, especially India, which is reeling under downward pressure on the rupee due to FCNR obligations — even though the Reserve Bank of India was ready with future swaps — and foreign institutional investors (FII) being net sellers in the equity market.
FIIs sold Rs 21,000 crore of equity in November last year —
