BRICS currency is Asia's worst performer again

After the Reserve Bank of India raised interest rates for the first time in several years, the country's currency weakened sharply. Bloomberg reported this.

On October 7, it fell 0.4 percent to 96.85 rupees per dollar, once again becoming the worst performing currency in Asia and approaching the all-time low of 96.965 recorded in May.

It is noted that traders were disappointed by the Indian regulator’s refusal to take more decisive measures to tighten liquidity and support the currency.

The Reserve Bank has decided to raise its key rate for the first time since 2023. As a result, it increased from 5.25 to 5.5 percent. This comes amid a devaluation of the rupee and rising inflation, which has been increasing for the last nine months.