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  • Kaustubh

    Kaustubh

    MemberAug 27, 2013

    What Does $1 = Rs. 66 Mean To You?

    The value of Rupee in the international markets is enjoying a Skydive and it seems to have forgotten its parachute. Since we have a lot of CEans from India - I'd like to know from you what does the latest valuation of Rupee mean to you?

    PS: You should be concerned!.
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Replies
  • Abhishek Rawal

    MemberAug 27, 2013

    Means, free income !
    How ?
    Ask your close relatives from Foreign countries like UK & US to send you money.
    Consider, you borrowed 1000$. Therefore, 66000 INR.

    Soon, RBI will take steps & the dollars price will reduce. (consider 1$=55 INR)
    Therefore, 1000$= 55000INR

    Send them back 1000$ with new dollars price.
    Hence profit = (66,000 - 55,000) INR = 11,000 INR.
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  • Kaustubh Katdare

    AdministratorAug 27, 2013

    ...what if the RBI and the government fail to recover the price of Rupee? Broken hearts & relationships?
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  • Abhishek Rawal

    MemberAug 27, 2013

    Oh yeah, Market is all gamble; so is life.
    But in most cases, RBI have always been successful in recovering Rupees.
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  • Kaustubh Katdare

    AdministratorAug 27, 2013

    #1 lesson in life: Never make money off your relatives. They're your ultimate backup plan.
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  • Abhishek Rawal

    MemberAug 27, 2013

    Kaustubh Katdare
    #1 lesson in life: Never make money off your relatives. They're your ultimate backup plan.
    relatives/siblings (Real/Blood) Brother/Sister.
    Now you're free to gamble 😁
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  • Manish Goyal

    MemberAug 27, 2013

    For me
    Higher is the value of dollar, more is the profit for me

    But i am worried about this too, because it is effecting my pocket here in India, as ultimately I have to survive in INR only.

    Increase in value of dollar leads to increase in price of petrol, which in further leads to exponential increase in prices of other items.
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  • Sarathkumar Chandrasekaran

    MemberAug 27, 2013

    A recent article in Hindu stated that it is going to be difficult for students who are doing their higher education in abroad and for travelers.They estimated that a student should pay more fees .By comparing the trends they told that student studying in harvard would be spending a addition of 16lakhs per 2years PG course.So it will be loss for all who have work or study in abroad especially USA.
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  • narayana murthy

    MemberAug 27, 2013

    in my view if this goes like this there will be huge hike of prices. So before it happens we should take care of it
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  • KenJackson

    MemberAug 27, 2013

    Abhishek Rawal
    Send them back 1000$ with new dollars price.
    Hence profit = (66,000 - 55,000) INR = 11,000 INR.
    That can work the other way too. And you don't need relatives.
    If I had the nerve, I'd go to a currency exchange and buy a big pile of Rupees while they're cheap. Then when the economies cycle, I'd exchange the relatively expensive Rupees for a big profit.
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  • Kaustubh Katdare

    AdministratorAug 27, 2013

    Expect the Petrol prices to touch Rs. 90 or Rs. 100 per liter in coming days, if not weeks. I heard finance minister's speech yesterday and he's is busy blaming the International markets. Of course, he's lying!

    Once petrol and diesel prices go up - be aware that the cost of everything will go up. The corporates won't compromise on their profits and put the burden on the comman man.
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  • Anand Tamariya

    MemberAug 27, 2013

    Kaustubh Katdare
    Expect the Petrol prices to touch Rs. 90 or Rs. 100 per liter in coming days, if not weeks. I heard finance minister's speech yesterday and he's is busy blaming the International markets. Of course, he's lying!
    I loved the quote from Yashwant Sinha about PC's comments:
    So far India was doing bad because US and Euro were going through rough patch. Now India is doing worse because US economy is recovering!!!
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  • Kaustubh Katdare

    AdministratorAug 27, 2013

    @#-Link-Snipped-# - Yeah. The government's got all the policies wrong (deliberately, maybe). But blaming my neighbour for the mess in my home is idiotic. Agreed, we import oil and gold among other things; but I wonder why can't the government stop idiotic imports (like cosmetics)? Why not simply create and implement policies that will make the domestic production > imports? I bet the prices of the things can be brought down *SIGNIFICANTLY* low if the government develops mechanisms to produce and consume locally.

    Given our FM's love with the dollar, I wonder which currency we really use in India. Indian Rupee or US Dollar?
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  • Anoop Kumar

    MemberAug 27, 2013

    Don't worry guys now our Prime minister's age is racing with Rupee values @ ~69/-
    It will not cross over 80.👀

    Focus should be on industrial development and govt. is busy on looting more taxes from taxpayers and selling for votes.👎
    Expect the Petrol prices to touch Rs. 90 or Rs. 100 per liter in coming days, if not weeks.
    +1, that means everything prices going to surge.
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  • Jeffrey Arulraj

    MemberAug 27, 2013

    Well one thing I read and made me quiver is this is repeation of what happened in 1991

    Economic trends can't be set over night So Why was no step taken to prevent the downfall a little earlier? ie When the trend of 1991 started to onset on Indian Economy

    CPM's Statement saying
    Indian Rich are not willing to invest in India
    Then why are they enjoying 5 lakh crore tax wavering every year 😕
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  • KenJackson

    MemberAug 27, 2013

    Kaustubh Katdare
    I bet the prices of the things can be brought down *SIGNIFICANTLY* low if the government develops mechanisms to produce and consume locally.
    It's not clear if you're advocating a less-free market where the government makes laws to prevent importing some things, or if you're advocating policy changes like reducing paperwork that will spur local development.

    A few years ago, IEEE Spectrum magazine had a lead article on India where the cover photo illustrated society conundra with someone transporting a two-meter satellite dish in an oxcart. If I recall, the article claimed that India is being held back by legendary bureaucracy that stifles innovation.

    Every country needs a government to make a level playing field by prosecuting cheaters, but excess government involvement hurts everyone. You're probably hearing in the news that the US economy is "recovering". Hah! That's just the media wishing that excess government involvement would work. The economy here is stagnant at best. We desperately need less government and it sounds like people in India do too.
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  • Kaustubh Katdare

    AdministratorAug 28, 2013

    I'm advocating open markets in which I'm the biggest seller. I want open markets in which I'm dominant! I want open markets in which my local businesses get an opportunity to penetrate foreign markets. I don't want markets where the foreign competition destroys my local markets.

    Yes, I'm all game for competitions; but first ensuring that I'm ready for the competition. What India did in 1991 was to open the markets to the world so that they could come to India, use all the resources here, sell local goods to local people and bring home the profits. Take Bata (which, if people don't know is a Canadian company) for example. The shoe making company gets all their shoes made for about 10% of the costs they sell their products. Another example, I'd want open markets in which India's Thumps-Up goes and captures America's Coca Cola - and not the other way round.

    ...and I don't get why India should care about trading in US dollars. Make our exports so strong that if USA wants to import anything from India - they should pay us in Rupees (and not in Dollars!).
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  • Kaustubh Katdare

    AdministratorAug 28, 2013

    Update: It's ~68 now! RIP, Rupee!
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  • Anoop Mathew

    MemberAug 28, 2013

    68.80!!!!!!
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  • Jeffrey Arulraj

    MemberAug 28, 2013

    Indian Economy is ruined not sure a recovery is possible now

    Damage will be seen in 3 months price of goods to sky rocket real soon
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  • Kaustubh Katdare

    AdministratorAug 28, 2013

    How many still think MMS, the Indian PM did the right thing in 1991?
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  • Nayan Goenka

    MemberAug 28, 2013

    Kaustubh Katdare
    How many still think MMS, the Indian PM did the right thing in 1991?
    Its not a question at all. That man is a fool to introduce globalization and free economic policy in a nation which had extremely high potential of being self sufficient in every sense. Sadly he's the Prime Minister of India.
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  • Anand Tamariya

    MemberAug 28, 2013

    Kaustubh Katdare
    How many still think MMS, the Indian PM did the right thing in 1991?
    The truth is MMS didn't have a choice. Though they project it as their achievement till the results were positive (which was really more like riding a wave). Don't be surprised them blaming IMF now as the tides have turned!!! (#-Link-Snipped-#)
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  • Kaustubh Katdare

    AdministratorAug 28, 2013

    MMS was advisor to three governments formed before Narsimha Rao became PM. He himself was an employee of UNCTAD which develops policies for the developing nations which determine their economy and international trade. Now, a French newspaper had already published a news that MMS would be the next Finance Minister no matter who forms the government in 1991 (this was published prior to Rajiv Gandhi's assassination).

    Basically, MMS was made the FM because his job was defined - to open Indian resources to the world in the name of globalisation. Quick inflow of cash boomed the share markets for a short period of time and people got money in their hands - everyone began thinking 'Globalisation' was the right thing.

    It's only that when the investors began drawing insane amounts of profits that the markets crashed and people 'realised' that things were not as rosy.

    What MMS did to India in 1991 is the cause of all the financial mess we are in today. Rupee was devalued so that the foreigners could gain control of India's resources (including humans) at a very cheap price! IT industry is a great example where thousands and thousands of India's engineers work for foreign corporations for peanuts.

    Sad that we take pride in it.
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  • Nayan Goenka

    MemberAug 28, 2013

    Not to forget they are not still satisfied with this absolute destruction of the currency. They were willing to invite FDI disabling all the local shops. This is a total move to get us into economic slavery. My view is to cut off all foreign companies in India and let the Indian start-ups boom. Within a year they will see the results. Not to sound like a politically biased attitude but I would like to mention one thing. Vibrant Gujarat started by Mr Narendra Modi is serving purpose. Encourage youth to break employee chain and become employers. And this country has the potential to become the strongest economy. The difference is we need to snatch the chance which is rightfully ours. A country of one billion, home to the best brains and potentials on this planet and our currency is useless in international market.
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