The Presidential Daily Brief

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    India’s Currency Slide Signals Economic Trouble

    While the Indian rupee strengthened nearly 7 percent against the U.S. dollar last year, it’s had a turbulent run so far in 2018. Yesterday, the rupee sank to its lowest value in 15 months, representing a 5 percent drop this year — and analysts say it may weaken even more. Asia’s third-largest economy experienced slow growth in 2017, and has struggled to absorb a demonetization and bad debt in the banking sector. Rising oil prices could further strain the economy, since India imports nearly 80 percent of its crude oil.

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