Indian rupee hits record low, making it one of the worst performers in Asia for the first time

Geek

Chief Minister (5k+ posts)
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The Indian rupee on Thursday weakened past 69 to the dollar for the first time, slumping to an all-time low amid a spike in crude oil prices, foreign capital outflows and a widening current account deficit.

Last November, Standard & Poor rated India as "BBB-minus", which is the lowest investment-grade rating.

The Indian currency, which slid 0.7 percent to as much as 69.0925 per dollar in early trade, is one of the worst performers this year among Asian currencies, falling by nearly seven percent so far.

The Indian currency had touched its previous record low of 68.8650 per dollar on November 24, 2016.

Asia's third-largest economy is battling inflation and a widening current account deficit stoked by high oil prices. This, in turn, is adding to selling pressure on the Indian currency.

Current account deficit is a measurement of a country's trade where the value of its imports exceeds the value of its exports.

India's January-March current deficit widened to $13bn from $2.6bn a year earlier.

India imports more than two-thirds of its fuel needs and higher crude prices pose significant risks for the Indian economy.

Last month, the Organization of Petroleum Exporting Countries' (OPEC) agreement to restrict their oil output by 1.8 million barrels of oil per day (bpd) saw crude oil prices rising to $80 a barrel for the first time since 2014.

This year has also seen a sustained outflow of foreign funds from Indian debt and equity markets.

In 2018, total outflows until now from bonds and shares stood at $6.6bn, according to a Reuters news agency report.

Sanctions and tariffs
Since January, foreign investors have reduced holdings of rupee-denominated government and corporate bonds by $6.1bn, and pulled $785m from equities.

Foreign institutional investors (FIIs) taking money out of India is a big problem, economist Mohan Guruswamy told Al Jazeera.

"Several reasons are contributing to the rupee slide - fear of the US sanctions and tariff wars, the increasing trade gap, and FIIs pulling out owing to demand for dollars," Guruswamy said.

Concerns have been mounting over the US threats to sanction countries, including India, that do not stop importing oil from Iran by November 4.

India must decrease dependence on Iranian oil imports, US envoy to the United Nations Nikki Haley said in New Delhi on Wednesday after meeting Indian Prime Minister Narendra Modi.

The international oil benchmark Brent surged to $77.33 a barrel on Thursday.

Modi is struggling to jump-start economic growth and jobs in advance of seeking a second term in a general election due by May 2019.

His campaign promises of development and "better days" to come have failed to deliver new jobs. Modi had vowed to create jobs for 10 million youths each year but he has fallen short on his promise.

India's jobless rate stood at 5.29 percent in May, data compiled by Centre for Monitoring Indian Economy showed.

"Economic growth is undoubtedly slowing, investment is on a slide, commercial credit is declining," said Guruswamy, a former economic adviser to the federal government in the late 1990s.

"The Reserve Bank of India [the country's central bank] will have to intervene for macroeconomic reasons and for political reasons as the opposition is bound to attack the government over the rupee's record low," he added.

Zeenat Saberin reported from New Delhi.

https://www.aljazeera.com/news/2018...flation-credit-downgrade-180628092815613.html
 

citizen12

Minister (2k+ posts)
bhai kia ho gya? INR 70 sey 69 per chala gya to kia ho gya ? 1 ropya sey itna farq nahe perta. pakistani currency kahan gya khuch batayen gey plz? pakistani currency aur indian currency mein ketna farq hey? aur pakistani currency aur bangladeshi currecny mein ketna farq hey?
 

citizen12

Minister (2k+ posts)
Pakistan and India got independence on the same day, but today Pakistan rupee is 125 vs India's 69 against 1$..
brother reality is india is far better than pakistan. there is no comparison between pakistan and india. india USA aur CHINA sey compare ker raha hey her cheez mein. even IT k field mein india china sey bhi agye hey. bangladesh pakistan sey agye nikal gya. world mein pakistan kahan khara hey aur india kahan khara hey aap khud dekh lein. who is the resoponsible? people army(top leadership) politician and maulana.
 

forzeb

Minister (2k+ posts)
Pakistani currency is completely fu$ked against every currency in the world. Thanks to stupid people elected by stupid people.
 

forzeb

Minister (2k+ posts)
and what about the non elected people like army? beurocracy?
to be honest I dont care about them as no one is electing them, If elected people does not have balls to control them then you expect the same whats happening right now.
 

Labaas1

Councller (250+ posts)
Pakistan and India got independence on the same day, but today Pakistan rupee is 125 vs India's 69 against 1$..
It's because Nawaz Sharif and Ishaq Dar kinda of individuals have different agenda than local Pakistani communities who want to destroy & maximize their personal bank accounts on face value. Least bothered about betterment of local Pakistani.
 

rehan459

MPA (400+ posts)
what democrazy given us?


in 2008 till Musharraf $ was of 60 rupees

now after democrazy $125

this establishment and status quo is not for people and the country; they are just for themselves they; do not believe in this country; they have their assets and children settled in foreign countries (both political and military leadership) and you want this country to progress i wonder sometimes that eastern part is still intact; this country leadership has done nothing for common man and will never do; common men will have to unite to form parallel system but they are too much caught up in the daily routines of life
 

Wake Up Pakistan

Chief Minister (5k+ posts)
this establishment and status quo is not for people and the country; they are just for themselves they; do not believe in this country; they have their assets and children settled in foreign countries (both political and military leadership) and you want this country to progress i wonder sometimes that eastern part is still intact; this country leadership has done nothing for common man and will never do; common men will have to unite to form parallel system but they are too much caught up in the daily routines of life

SO WHAT SOLUTION PEOPLE OF PAKISTAN HAVE?

AS WE ALL SITTING OVERSEAS AND TRYING TO BE INTELLECTUALS OR PERFECTIONIST

BUT WE R ONLY OPPORTUNIST LEAVE COUNTRY TO VULTURES
 

citizen12

Minister (2k+ posts)
SO WHAT SOLUTION PEOPLE OF PAKISTAN HAVE?

AS WE ALL SITTING OVERSEAS AND TRYING TO BE INTELLECTUALS OR PERFECTIONIST

BUT WE R ONLY OPPORTUNIST LEAVE COUNTRY TO VULTURES
bhai filhal koi hal nahe hey. pakistan isi haal mein rahey ga. ese hi log musallat rahein gey. sab sey logo ko educated hona parey ga. apney under k munafiqeen ko pehechanna parey ga. aur us k baad ye sarey politician generals maulana aur corrupts logo ko sarak per khenchna hoga. lekin filhal ye namumkin hey halat din ba din kharab hon gey.
 

rehan459

MPA (400+ posts)
SO WHAT SOLUTION PEOPLE OF PAKISTAN HAVE?

AS WE ALL SITTING OVERSEAS AND TRYING TO BE INTELLECTUALS OR PERFECTIONIST

BUT WE R ONLY OPPORTUNIST LEAVE COUNTRY TO VULTURES

yes this is the most easy way out to make only your life good ; but i still have belief in common man ; we are all very good individual players we need a good manager to make good team and to complete projects and have no hope from the leadership that they will do any good for you or country
 

citizen12

Minister (2k+ posts)
yes this is the most easy way out to make only your life good ; but i still have belief in common man ; we are all very good individual players we need a good manager to make good team and to complete projects and have no hope from the leadership that they will do any good for you or country
thats correct. i also belive in common people but who is the good and sincere manager in current scenireo dear?
 

rehan459

MPA (400+ posts)
thats correct. i also belive in common people but who is the good and sincere manager in current scenireo dear?

none in my mind currently but we need to keep looking and also update ourselves to be in position also we should keep spreading awareness among the people this is election time and it makes me very sad to see very high learned people posting and sharing fake pictures and news
 

Wake Up Pakistan

Chief Minister (5k+ posts)
yes this is the most easy way out to make only your life good ; but i still have belief in common man ; we are all very good individual players we need a good manager to make good team and to complete projects and have no hope from the leadership that they will do any good for you or country
KOI NAEE VOTE DAITA MANAGER WANGER KO

KHAWAB DAIKHOO

DUA KARO IK KA CHANCE BAN JAYAI BAS
 

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