Martin armstrong writes in his blog….As interest rates rise and the dollar, the first casualty will be the Emerging Markets (EM). Because interest rates were driven to absurdly low levels in Europe and the USA, those who need yield ran off to the EM field. This drove capital rushing into the EM sector desperate for yield – especially state operated pension funds.This is why we have a serious debt crisis on our hands. The greenback is STILL going to press higher against the rupee. Just look at the pattern.
This is NOT an isolated high. We are looking at a significant rally still on the horizon for the dollar.
https://www.armstrongeconomics.com/international-news/india/india-the-emerging-market-crisis/