September 23, 2011
Exchange rate of rupee/dollar
Exchange rate of rupee/dollar have gone up quite sharply in the last week. Yesterday rupee had posted its biggest single day fall in last 3 year. There have been lot of concerns related US economy and it has impacted stocks markets in India and abroad. But the way it is currently impacting USD/INR exchanges rates is unprecedented. Everyone was expecting to have some volatility in the currency market, but the way rupee has fallen sharply, it is uncalled for.
There are many investors/traders who trade in USD/INR and these kind of sharp movements helps them a lot in trading currency. But there is one community is currently having ”’all the fun’ and they are NRIs. Dollars was getting them a exchange rate of 44-45 till last few weeks but currently it is over 48. So, as far as NRIs are concerned they will love it. But local economist won’t like it because it is going to have serious repercussion on the Indian economy.
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