Rupee is SINKING!

[JasonX]

Looks like rupee is sinking fast. If this trend continues we will have to forget buying anything from Amazon & other US/UK sites. Damn Congress Government & its Policies.

RBI is Another Culprit.:annoyed:

Rates on 02.08.2013.

1$ = 61.10 Rupees. :sos:

1GBP = 93.32 Rupees. :sos:

 

[ukjeyaraj]

Soon we may have our currency denomination starting from only Rs.100/- All other currency may not have any value.

 

[Shivam]

Damn Congress Government & its Policies.

Completely agree. Unfortunately the majority who vote don't get it. Do they?

 

[ghatgepatil]

Need a change immediately. I mean, democracy is futile in here. IF Namo comes in, won't mind the first few years of him operating as an autocrat. There is so much of mess to be cleared up, shall not be possible in a civil way.

But, can we wait till the elections to get done??? Daresay, many firms might down their shutters by then. Business scenario being so bad with only a handful eating the cake.

 

[maniac_2004]

. IF Namo comes in, won't mind the first few years of him operating as an autocrat. There is so much of mess to be cleared up, shall not be possible in a civil way.
.

I don't think any change in the government will do anything to resolve this issue . If you see this graph u will understand its a lost cause .

http://en.wikipedia.org/wiki/History_of_the_rupee#Valuation_history

Rupee was on par with dollar at one time !! 10 bucks till 1980 .. etc etc.

Rupee will continue to spiral . Maximum it will go up to 50 then continue its downward trend UNLESS something major/catastrophic happens.

This same trend repeats in all nations where the government is weak/corrupt and unable to take hard decisions . Check out similar trends for Pakistan , Bangladesh etc and compare it with countries like Switzerland Australia etc.

 

[JasonX]

Update on 16.08.2013

1 $ = Rs. 61.95

1 GBP = Rs. 96.66 :lol:


I don't think rupee will recover in short time !

 

[mitware]

Blood Bath on Sensex: Tanks 769 pts | Re at an all-time low of 62.

Sensex crashes 769 points in market mayhem, biggest fall in 4 years - The Times of India

 

[ghatgepatil]

62.49 as of now .... . Target as per Nomura @ 75 :sad:

 

[sansei]

These Jansevak or more aptly Kings of new India are least bothered abt India.

More abt politics / good publicity / and finally votes.

So Paki playing games, Chinni gobling up territories, honest offr being suspended

eco going down with people suffering: no bother just keep govt afloat seems the mantra

Ooh i forgot the main thing quadriply their and their ilks net worth

Just watch their defences in TV debate and you know their shameleness

 

[Hiten]

In more than 60 years we have not produced a single brand of any product recognised by a name or with made in India lable. It would have been different story then.
Regards

 

[ghatgepatil]

Jumped over 63 just now!

 

[sgmane]

Ok. Here it is. Rupee's reaction. Latest update:

NEW DELHI: The government today banned duty- free import of flat screen television by air travellers in a bid to prop up rupee, which declined below the 63 level against US dollar.

The government, according to a notification, has decided to "disallow import of flat panel (LCD/LED/Plasma) television as part of free baggage allowance" with effect from August 26.

Air travellers currently can bring a flat screen television for personal use without paying any duty.

This would mean air travellers bring in TV as part of the baggage from August 26 would have to pay customs duty.

In a order to contain the Current Account Deficit (CAD) and arrest declining value of rupee, the government has raised duty on gold, platinum and silver to 10 per cent.

Finance Minister P Chidambaram had said that steps would be taken to compress import of non-essential goods.

The value of rupee touched all-time low of 63.30 to a dollar in the afternoon trade.

Courtsey: TOI - 19 Aug 2013

So now need to think twice to get flat panel from outside India.!!

 

[motofotog]

I dont understand how stopping travelers to bring Flat panel TV into the country will help the Rs to strengthen?
this move will not have any effect on the currency market.

 

[Tanoj]

I dont understand how stopping travelers to bring Flat panel TV into the country will help the Rs to strengthen?
this move will not have any effect on the currency market.

+1 from me too, looks like its their new way to loot money from travelers

Cheers

Tanoj

 

[Santy]

 

[Shivam]

Government should think of future. These plans of hiking duty are just temporary measures.

For Rupee to strengthen India has to improve its own economy. More industries, better quality indigenous products to discourage imported producs and to promote export, promoting tourism, using indigenous resources.

We are not blessed with petroleum, we don't have diamonds or gold to export, we do have excess population to support. What we can do is put these high number (population) to work and create value ! Each and everyone working in the government should read and understand 'Wealth of Nations' by Adam Smith.

As consumers, we should prefer Indian products over others. Use less of imported resources and products (including fuels). Create a clean and positive environment so that foreign nationals will feel happy and safe to visit India.

 

[sidvee]

I dont understand how stopping travelers to bring Flat panel TV into the country will help the Rs to strengthen?
this move will not have any effect on the currency market.

Yes it is total BS. There is an issue with Current account deficit (CAD) of India, we are importing more than we are exporting. No. 1 import item - Petroleum. No.2 import item - Gold. Both of these are not made in India. So we pay in US$ to buy these, and the amount of US$ we get by selling made in India goods is less than what we pay for the above two. Worst part we sell petroleum products for less than what it was bought for. Till this balance is corrected obviously the rupee will be the weaker currency and will continue to depreciate. New targets per economists Rs. 65 interim, Rs. 75 long term.
No political party is bothered and our voters are even less bothered. They want Biriyani and liquor on voting day, thats all:lol:. And some grinders, laptops, saris, tv's etc. after election.
Cheers,
Sid

 

[JasonX]

Kick the UPA Government, They have lost all Faith !!! ( I'm NOT a NDA Fanboy)

 

[ghatgepatil]

Narendra Modi is the last hope for this country! Not saying the rest of the BJP / NDA is clean by any means. Just saying, IF this person manages to get himself the PM's chair, the possibility of the rest falling in line and 'behaving' gets a tremendous boost. That is what I have seen happening in Gujarat across all spheres of public works and governance.

 

[mpw]

This assumes that what good happened in Gujarat is scalable and replicable model across a vast and diverse India. That assumption may not be valid.

I am neither for nor anti but just voicing my thoughts on scalability.

There is a feeling of gloom.

Nothing to lift the spirit ( but seriously.. )

Its not that we dont have the resources or that we cannot face economic hardship but i sense a missing will power among ordinary folk and that worries me lots.

rgds,
mpw