Further EM pressure and INR will capitulate

=> With oil creeping higher again we are maintaining a bearish view on India
=> There is no reason for INR to no longer remain offered as US yields push higher and attract foreign capital and global uncertainties rise.
=> The Indian government deficit has rising for half a year now and we are seeing a widening of corporate spreads with equities selling off.
=> This will be a very interesting one to track as we may see capitulation in other EM markets.
=> GL all