The massive sell-off that has gripped emerging markets over the past several weeks continues with a vengeance this week.
The Turkish lira, the Brazilian real, the Mexican peso, and several other emerging-market currencies are down big against the dollar.
Far and away the biggest loser, though, is the Indian rupee: t he U.S. dollar is up 2.9% against the rupee today.
It's not just today that the rupee is underperforming vis-a-vis its emerging-market peers, either. The dollar-rupee exchange rate is currently the highest percentage above its 20-day moving average of any major currency pair.
India is desperately trying to stave off a balance-of-payments crisis that is causing the currency to tank, but so far has been unsuccessful, judging by the reaction in currency markets.
Exacerbating the rupee crisis today is the fact that the lower house parliament voted to pass a huge food subsidy bill that will likely expand the deficit, and increase inflation.
The chart below shows the big losses in the rupee against the dollar year-to-date.
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