Rupee at closed at approx. 60 to US$!

[adder]

They should ban or put a cap on gold imports.

Why do people buy so much gold.Its only in India that people buy that much gold.
This also raises the price of processor and other electronic components that use gold.

 

[prepress]

Yes, In 70's it was US $1=INR 7.00

Yup, I bought some $$ yesterday at that rate, it hurt! On my first trip overseas, in 1988 it was US$1=INR 11.75..

 

[wlg]

Yup, I bought some $$ yesterday at that rate, it hurt! On my first trip overseas, in 1988 it was US$1=INR 11.75..

When I first went out to sea 1975 the $ was Rs.7/- and Singapore $ Rs. 2.50,
Waiting & Hoping the Rupee appreciates before my next trip.

 

[viper08]

TVs mostly getting dearer by 10% as import is costlier
Money Saver India | Rupee DOWN, electronics going UP

 

[just4kix]

In the short term, I will expect the Rupee to float between the 58-60 level. Unless the balance of payment situation, fiscal deficit on the current account and industry growth rate improves, I don't see the Rupee appreciating at all.

 

[sidvee]

I agree, I think the 60 level is here to stay for the immediate future, and won't be surprised if the rupee end up at 62-63 as well.
Cheers,
Sid

 

[Dushie]

Bought a phone last week, CC company chared me 62.70 post conversion for a 300$ phone, the price has hit the roof really. Could have easily saved around 2k, if it was at 55.

 

[sann]

Hi Dushie, Which phone? if I may ask.

 

[Gerry_the_Merry]

B&W (Audio Vision) has already raised their prices by 15%. For a brief period, Indian dealers are going to be competitive v/s imports until they match steps with Audio Vision. Apple products i think will continue to be competitive (they dont change prices). Any stock of audio equioment a dealer has is worth buying relative to a perfect piece with the best colour choice etc. for which the dealer has to make a fresh import. No chance for INR to come back to 53-54. Hindustan Unilever open offer of 5bn euro was the big hope, but now that is also over, and looks unlikely to make a big impact even when the money comes in finally. INR has corrected suddenly but correctly.

 

[manniraj]

Hi Dushie, Which phone? if I may ask.

My wild guess would be a Google Nexus 4

 

[sidvee]

I read in ET today, one analyst stating that rupee will go to 75 in next 12 to 14 mos
Cheers,
Sid

 

[just4kix]

I read in ET today, one analyst stating that rupee will go to 75 in next 12 to 14 mos
Cheers,
Sid

Cheers, mate.

 

[vinay]

The analyst who made such a call then would he bet his assets to right away go long (buy)?

Surely he will not bet his assets and what would this mean is any one's guess.

We keep hearing that people loose money in markets be it stocks, currency etc. While the truth is that the people who loose money have not handled their portfolio correctly and they easily blame the markets.

V.

I read in ET today, one analyst stating that rupee will go to 75 in next 12 to 14 mos
Cheers,
Sid

 

[Gerry_the_Merry]

Generally analysts do passive extrapolation. It is worthless. Listen only to top people in RBI or fin min or top pvt banks.

 

[ghatgepatil]

I read in ET today, one analyst stating that rupee will go to 75 in next 12 to 14 mos
Cheers,
Sid

The Japs ....Nomura had predicted, then published it some 15 days ago. For them, the Rupee is still at a big discount with its real value @ 72-75 against the dollar.

Procurement (incidentally most of it by imports) for all big Projects have gone haywire. Landed costs have sky-rocketed. No budgets remain to complete the half installed Projects too! Another reason of no available liquidity in the markets.

Is it due to too much reliance on foreign investments / capital for infrastructure growth ONLY? ... and turning a blind eye to the growth in 'basics' which was quite possible with 'internal' capital.

 

[sidvee]

I am in the boat with everyone else. Just stating what I read, please dont shoot the messenger:sad:. I would love it if the rupee is at 50 , but it is not, and every day it looks shaky and our great govt. does not seem to be doing anything about it, btw what is the disagreement between RBI and finance ministry when the currency is getting hammered. I wish for once the people in charge would separate politics from real life, and try to make sure the country is secure. Just read what all the regional/national political parties were trying to do with the uttarakhand tragedy, made me sick to read it, 10,000 people died and leaders are trying to getpolitical mileage. Shame.
Cheers,
Sid

 

[vinay]

It is not about the messenger. It is about people when they give a particular call with conviction and they generally end up put their foot in the mouth. It is needless to say that their foot is so long that it goes into many people's mouth when their call goes wrong about the sure shot of touching 70 and so on.

It is often not a good thought by any standard to expect something from the government in managing the currency or whatsoever. Among the things which are practical is the risk management by which often we can survive very comfortably.

I know of 2 exporters who at any given time have large contracts in foreign currency and often they are in a mess due to fluctuations with their minimum control over greed and fear. One can easily be zero effected with these fluctuations be it 60 to 65 or 55 to 65 because they can always cover the exchange in forward booking.

V.

 

[sidvee]

I know of 2 exporters who at any given time have large contracts in foreign currency and often they are in a mess due to fluctuations with their minimum control over greed and fear. One can easily be zero effected with these fluctuations be it 60 to 65 or 55 to 65 because they can always cover the exchange in forward booking.

V.

I agree Vinay, that exporters can be zero effected by these fluctuations, by hedging etc., but what about general public, i paid Rs. 75 per ltr. petrol to fill my car? I expect the govt.to hedge for me, but what are they doing? So it is going to be India's problem soon as our biggest consumption of Usd is petroleum and imo this controls our economic stability and ultimately the exchange rate, so till we reduce this import ( or find it here in India, wait reliance will claim all of it and make sure govt. charges Rs. 80 per ltr., so no difference) no amount of hedging or politics,or forward booking is going to make any difference.
Cheers,
Sid

 

[vinay]

You are absolutely right.

But as i said earlier to expect something fair from government will most often be nothing short of a dream or a super miracle.

The best we can do is to try and handle our matters better where ever possible. Take the case of Uttarakand, one can use a lot of risk management by not traveling there in rainy season and to pull back temporarily from the mid journey if there is a climate warning and related, travel to these places only when one is under 50 years of age and so on with full avoidance to taking children along to such magnitude of hilly areas.

In other words there are too many areas if we handle the things well then we do not need much assistance from the government.

V.

 

[Gerry_the_Merry]

Ant and Grosshopper - Indian Version of story

Original Story:

The Ant works hard in the withering heat all summer building its house and laying up supplies for the winter. The Grasshopper thinks the Ant is a fool and laughs dances plays the summer away. Come winter, the Ant is warm and well fed. The Grasshopper has no food or shelter so he dies out in the cold.

Indian Version:

The Ant works hard in the withering heat all summer building its house and laying up supplies for the winter. The Grasshopper thinks the Ant's a fool and laughs dances plays the summer away.

Come winter, the shivering Grasshopper calls a press conference and demands
to know why the Ant should be allowed to be warm and well fed while others are cold and starving.

NDTV, BBC, CNN show up to provide pictures of the shivering Grasshopper next to a video of the Ant in his comfortable home with a table filled with food.

The World is stunned by the sharp contrast. How can this be that this poor Grasshopper is allowed to suffer so?

Arundhati Roy stages a demonstration in front of the Ant's house.

Medha Patkar goes on a fast along with other Grasshoppers demanding that Grasshoppers be relocated to warmer climates during winter .

Mayawati states this as 'injustice' done on Minorities.

Amnesty International and Koffi Annan criticize the Indian Government for not upholding the fundamental rights of the Grasshopper.

The Internet is flooded with online petitions seeking support to the
Grasshopper (many promising Heaven & Everlasting Peace for prompt support as against the wrath of God for non-compliance) .

Opposition MPs stage a walkout. Left parties call for 'Bengal Bandh' in West Bengal and Kerala demanding a Judicial Enquiry.

CPM in Kerala immediately passes a law preventing Ants from working hard in the heat so as to bring about equality of poverty among Ants and Grasshoppers.

Railway Minister allocates one free coach to Grasshoppers on all Indian Railway Trains, aptly named as the 'Grasshopper Rath'.

Finally, the Judicial Committee drafts the 'Food Security Bill'[FSB] , with effect from the beginning of the winter..

Kapil Sibal makes 'Special Reservation' for Grasshoppers in Educational Institutions in Government Services.

The Ant is fined for failing to comply with FSB and having nothing left to pay his retroactive taxes, it's home is confiscated by the Government and handed over to the Grasshopper in a ceremony covered by NDTV, BBC, CNN.

Arundhati Roy calls it 'A Triumph of Justice'.

Jairam Ramesh calls it 'Socialistic Justice'.

CPM calls it the 'Revolutionary Resurgence of the Downtrodden'

Koffi Annan invites the Grasshopper to address the UN General Assembly.

Many years later...

The Ant has since migrated to the US and set up a multi-billion dollar company in Silicon Valley ,

100s of Grasshoppers still die of starvation despite reservation somewhere in India ,

....AND

As a result of losing lot of hard working Ants and feeding the grasshoppers, INR slumps to 60 and above..