Indian Rupee hits historic low: Now Rs 67.23 = 1 Dollar

[xyxmt]

Well, Nothing can be done. Our Politicians are hell bent on committing Suicide. Economist are covering their face with their palm or twiddling their thumbs (I could not post the picture, my internet speed is slow from morning). To all our neighbors "Rejoice and have a sound sleep".

gora keep giving you cheap money and you kept spending it on buying their products and weapons and the money they gave you is back in their banks but you still owe them principle + interest. could have spent it better

 

[My-Analogous]

True, but i have also been hearing that the investors are very unhappy with the current govt. and is asking them to leave
We are all aware how Modi is very famous with corporates ... there is an interesting article on that ..

How come? We didn't send Mr. Zardari to India yet. It is time to deploy him in India.LOL

 

[Bang Galore]

Yara, what's your take on it?? I reckon between Rs85-Rs89 by new years........

Your guess is as good as mine. I did think that the rupee would depreciate somewhat but have been surprised at the extent. I simply don't know how much downside there is though a depreciation is not all bad. Makes Indian exporters very happy, I think.

 

[anonymus]

Your guess is as good as mine. I did think that the rupee would depreciate somewhat but have been surprised at the extent. I simply don't know how much downside there is though a depreciation is not all bad. Makes Indian exporters very happy, I think.

But most of the Indian Exports are dependent on imported materials ( Diamond and refined Petroleum ) so it would not be that big a bonanza for Exporters.

 

[Hyperion]

Copy that on the "export" part.... actually, after the initial shock and price readjustment..... it may very well end up helping the economy in the long run.... to understand macroeconomics, you just need to understand the inner functioning of a rubber band and a yoyo...

Your guess is as good as mine. I did think that the rupee would depreciate somewhat but have been surprised at the extent. I simply don't know how much downside there is though a depreciation is not all bad. Makes Indian exporters very happy, I think.

 

[conworldus]

There really is no surprise here. The Indian rupee is grossly overvalued and the market will eventually hit the equilibrium. The pain for India, especially the large poor population, will persist for a few years, but once the market is corrected I think India will rebound to a reasonable economic growth, so long as the nation stays intact.

In no means do I wish India's fail. A prosperous India is good for the world economy. However, misplaced confidence in India becoming an economic superpower is not just unrealistic, but also damaging because it made Indian over leveraged against impossible odds. The correction will have to make many Indians to swallow their pride.

 

[Desi Guy]

The government is not to blame. When India was growing, no body blamed the government.

Sir, People are Protesting against the govt right from 2010 ..started with 2G scam ,Common wealth games scam ,coal gate scam,cash for votes scam,adarsh colony scam ,lokPal protests of 2011..where have you been?
India grew in upa-1 because of previous NDA govt policies.Current Govt's unnecessary freebies like Mnrega,loan waiver and now this food security bill has ripped a new one to Indian economy.

 

[Bang Galore]

But most of the Indian Exports are dependent on imported materials ( Diamond and refined Petroleum ) so it would not be that big a bonanza for Exporters.

Those are not all the exports there is. Textiles,Software,agricultural goods will certainly benefit and even in the sectors that you referred to, input costs will come down. Salaries are still being paid in rupees.

 

[faithfulguy]

There really is no surprise here. The Indian rupee is grossly overvalued and the market will eventually hit the equilibrium. The pain for India, especially the large poor population, will persist for a few years, but once the market is corrected I think India will rebound to a reasonable economic growth, so long as the nation stays intact.

In no means do I wish India's fail. A prosperous India is good for the world economy. However, misplaced confidence in India becoming an economic superpower is not just unrealistic, but also damaging because it made Indian over leveraged against impossible odds. The correction will have to make many Indians to swallow their pride.

In response, India will make more versions of the India 2030 video to cover up the reality and make themselves feel better.

 

[Star Wars]

How come? We didn't send Mr. Zardari to India yet. It is time to deploy him in India.LOL

We take zardari, you take entire Sonia and family

 

[shuttler]

In response, India will make more versions of the India 2030 video to cover up the reality and make themselves feel better.

I think many of them are going on the triple of their chillums now

 

[damiendehorn]

Those are not all the exports there is. Textiles,Software,agricultural goods will certainly benefit and even in the sectors that you referred to, input costs will come down. Salaries are still being paid in rupees.

Yes salaries are paid in rupees, but then your imports have to be paid for in hard currencies like the dollar, so prices of essential goods and non essential goods are bound to go up. This will cause a lot of people much hardship and expect to see lots of protests and worse.

 

[sarthak]

And with this GDP is below $1.5 trillion and per capita income around $1150-1200. Pakistan GDP per capita is around $1300 Funny how Indians used to say crap things about Pakistani economy which is doing horrible because of terrorism and energy crisis, karma is bit***

LOL you dumbass, India's per capita GDP is 1500 while Pakistan's is 1300. We are growing at 5% while your failure of an economy is growing at 3%. You are never going to catch up in a million years. Meanwhile , for the Bangladeshis that are jumping around, their GDP remains at $850. They will be lucky to catch up with Sub Saharan Africa

 

[Bang Galore]

Yes salaries are paid in rupees, but then your imports have to be paid for in hard currencies like the dollar, so prices of essential goods and non essential goods are bound to go up. This will cause a lot of people much hardship and expect to see lots of protests and worse.

Except for fuel, almost no essential goods are imported. Hardship is overrated, there is only a knock on inflation effect from higher fuel prices. Unlikely to be very bad.

 

[longyi]

India rupee nears record-low 69 vs. US dollar in biggest fall in 18 years

Kashmiri pedestrians walk past a stall selling wedding garlands made from Indian rupee notes at a market in Srinagar on Wednesday, Aug. 28. (AFP)


India rupee nears record-low 69 vs. US dollar in biggest fall in 18 years - The China Post