Indian Rupee Hits All Time Low [$1 = Rs.60], What Do Pro-Globalisation Folks Say?

@thebigk • Oct 27, 2024

Oct 27, 2024

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Today, India's currency has crossed the dreamy-low barrier of Rs. 60 against US dollars. I'm wondering what do pro-globalisation folks are saying now? Anyone?

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Anil Jain

@CrazyBoy • Jun 26, 2013

If my guess is not bad it will cross the 63 mark in next 15 days.

-CB
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ISHAN TOPRE

@ishan-nohePN • Jun 26, 2013

Globalization policy clearly mentions devaluation of rupees, so that foreigners are attracted to invest in India. The ideology is- as Rupee is devalued, foreigners have to shell less dollars and hence will prefer India rather than rich countries like Middle east, or others where the currency is stronger than dollar.

So those who support Globalization, will only say that this will attract more investment.
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Kaustubh Katdare

@thebigk • Jun 26, 2013

....so according to them $1 = Rs. 1000 would be the most ideal situation.
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ISHAN TOPRE

@ishan-nohePN • Jun 26, 2013

Kaustubh Katdare
....so according to them $1 = Rs. 1000 would be the most ideal situation.
Partially true.
You see, we had about $5 billion cash inflows in our country since jan- march 2013. However, within 4-5 days all the money ($5bn) that had accumulated went away instantly. Making rupee touch a record low.
So, the rupee will devalue only that much which is necessary, step by step. However if need be, the government would not take a second thought before making $1= Rs 1000.

But, Rupee will also strengthen with incoming inflows and profits made from exports. Actually it depends on multiple factors.

In mechanical terms, I will compare appreciation and depreciation of rupees to a foot ball mechanism to adjust level of water in tank.

You see my theory is also shared by our Finmin as he was saying the other day "all is well".
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