Insurers eye opportunities from plunging rupee

A plunging rupee may have scared foreign investors away from India's equity markets, but local institutions scent a buying opportunity. The rupee has been one of Asia’s worst-performing currencies this year, losing about 12% against the US dollar by October 15. It hit a fresh low of 74.48 against the greenback on October 11. The plunge has been driven by a rising current account deficit, climbing oil prices (India imports nearly 80% of the oil it uses), rising interest rates in …