INSUBCONTINENT EXCLUSIVE:
MUM BAI: Overseas corporate fund flows are expected to buoy the Indian rupee, offsetting pressure from elevated crude prices for the next
few weeks as dollar inflows from ArcelorMittal, Vodafone, Shriram Transport Finance to shore up their Indian operations, are likely to flood
in.
An estimated $7-8 billion are likely to hit onshore in the next few weeks from those corporates, three currency dealers, who are not
supplies.
The rupee was one of the four worst-performing currencies among emerging markets this April, with elevated global crude prices
India, one of the largest crude consumers in the world, will have to borrow more to narrow the gap between overseas spending and revenues
with its overseas shipment bills going up.
Between April 2 and 18, the rupee lost 0.88% against the greenback, data from Bloomberg
