Panaji, July 29 (IANS) The Brazilian real has taken as bad a battering as the Indian rupee, Morgan Stanley Investment Banking India managing director Aisha de Sequeira said Friday, adding that the rupee's fall was a result of global emerging market instability.
Sequeira was speaking at the annual general body meeting of the Goa Small Industries Association (GSIA) here.
"It is not that the rupee alone is falling. Look at the Brazilian real. Both currencies have depleted considerably. It is a sign of emerging markets being at the receiving end," Sequeira said.
Sequeira said that the US dollar tended to appreciate when global economies went through both bouyant and unstable phases, because in such business environments, investors immediately veered towards the biggest and the most powerful world economy, which was the United States of America (USA).
"When everyone does well, the dollar does not do very well," de Sequeira said.
She added that the Indian government's flip-flops on crucial policy issues like retail "did not create a good impression on the global investor".
"Clarity on policy is important for creating a good investment environment," Sequeira said.