Rupee slumps to all-time low of 58.16

[Beast]

Goodbye Rafale. Goodbye to all import weapons for India.

 

[IndoCarib]

one of the achievements of the UPA; headed by an economist as the PM

 

[kawaraj]

Look at the map, could be RBI stepping in.

 

[Hope4btr]

I think most people did not understand why the rupee fell. Due to recent economic reforms in US, people are pulling out their money in rupees, increasing demand for dollars. Lets see when will the govt. step in. At this time, nothing is alarming.

 

[MST]

Yeah sach hai. Bharat ke Nirman pe hack to sach main hia par sirf NRIs ka

Now Waiting for third front govt in 2014. Just a few days back I said we will hit 60. Looks like we are on track for that.

BTW I hope all congi supporters are celebrating today

Ha Ha I did say it will hit 60

Thanks to the Congis its only a time before our Ratings is downgraded to Junk.
If that happens then my hedge will be between 65-70. And the funny thing is we didn't even need a Mulayam + Third Front to do that.

Now waiting for Congi Trolls to come and tell us how this is a global phenomenon.
And none will talk about why our exports are going down, why literally no reforms have happened, why there is such a Policy Paralysis and Why Govt is hell bent on passing populist schemes like Food Security Bill.

The economy is in dustbin and Chidu is begging everyone not to Buy Gold. Funny. If this continue he will soon ask everyone to stop buying Petrol

Look at the map, could be RBI stepping in.

Yes the RBI stepped in.

http://timesofindia.indiatimes.com/business/india-business/RBI-hamstrung-by-290bn-reserve/articleshow/20691262.cms

 

[IndoUS]

Yeah sent some money back home. I know the rate is bad for the country but can't help it the exchange rate is great if you want to send money back home.

 

[karan.1970]

Yeah sent some money back home. I know the rate is bad for the country but can't help it the exchange rate is great if you want to send money back home.

No.. Actually sending money back to India in my view is good for both you and the country. This increases USD supply and firms up the rupee as you are selling dollars and buying INR

 

[shuttler]

USD/INR
59.5500
As of 10:57 IST

Days High
59.7800

Days Low
59.5000

Bid
59.5500

Offer
59.5600


Rupee weakness affects India credit profile: Moody's

MUMBAI | Fri Jun 21, 2013 10:26am IST
(Reuters) - The rupee's weakness reflects domestic economic challenges, primarily a high current account deficit and lower capital flows, but does not significantly impact India's foreign debt repayment capacity, Moody's told Reuters on Friday.

"Given the very low level of foreign currency debt owed by the Indian government, rupee depreciation does not significantly affect sovereign debt repayment capacity," said Atsi Sheth, vice-president of the sovereign risk group at Moody's Investors Service, in an e-mailed response.

"However, it is a reflection of macro-economic challenges, which do affect the country's credit profile."

Sheth said Moody's current rating of "Baa3" for India - the lowest investment-grade level - incorporates macro-economic imbalances and recent trends in the current account, capital flows, and the exchange rate.

The rupee had slumped to a record low of 59.9850 rupee to the dollar on Thursday, as the country's record high current account deficit is exacerbating its vulnerability in an emerging market rout.

Moody's currently has a "stable" outlook on India's ratings, in line with Fitch Ratings. Standard & Poor's maintains a "negative" outlook.

Rupee weakness affects India credit profile: Moody's | Reuters

 

[Gandhi G in da house]

The only time the rupee goes up is during a toss