The financial turmoil in emerging markets, which started in Turkey and Argentina, is spreading to India

The financial turmoil in emerging markets, which started in Turkey and Argentina, is spreading to India, the third largest economy in Asia. The Indian Finance Ministry is said to be working closely with the Bank of India to stabilize the foreign exchange market and is intervening in the currency market when necessary. Due to soaring oil prices, massive demonstrations have taken place in India. Protestors accuse the government of failing to cope with rising oil prices and for the sharp fall in the value of the rupee.