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Dollar To Rupee
By : Ansh21 |
Members :1
Location : , United Kingdom
Type : Public
Created on :
22 Aug 2013
Last Updated on :
22 Aug 2013 |
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Dollar To Rupee
The Indian currency gave people an early morning shock by touching a record 65-rupee-a-dollar low on Thursday, which means a fresh bout of price rise and hardships for common man, industry and the government alike.
Market observers feel the contin ued fall in the rupee will turn foreign trips costlier as one will have to pay more in terms of rupees for flying to and staying in the ‘dollar countries’. The trend will even make overseas education a financial burden and shatter middle-class dreams for they may not be able to bear the additional rupee load beyond their means, observers say and call for instant-relief measures from the RBI and the government to stem the fresh tide of inflation.
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The slide is being linked to a raging demand for US dollar from banks and importers in the Interbank Foreign Exchange market. It may sustain if the demand for the rupee doesn’t rise correspondingly.
Market sources say if the trend continued the rupee may keep hitting new lows every day. The continued drop in the rupee despite corrective measures by the Reserve Bank of India, is a dangerous sign as it might hit the domestic production, growth and send commodity prices spiraling.
The rupee had tumbled against the dollar and touched a record 64.54 mark on Wednesday. Currency carnage More
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