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Thursday, August 22, 2013 10:01:51 AM (IST)  

Rupee hits new all-time low of 65, down 89 paise against USD

Mumbai, Aug 22 (PTI) : The rupee today plunged further by 89 paise to hit new record low of 65 against the US dollar in early trade on the Interbank Foreign Exchange market on heavy demand for the US currency from banks and importers amid a weak opening in the domestic equity market.

Besides, dollar's strength against major currencies overseas after the Federal Reserve's minutes of its last policy meeting released yesterday indicated the central bank was committed to scaling back its asset-buying programme weighed on the domestic currency, dealers said.

They said weak domestic fundamentals such as large current account deficit and continued capital outflows too put pressure on the rupee.

The rupee had lost 86 paise to close at Rs 64.11 after dipping to 64.54 against the dollar in the previous session.

Meanwhile, the BSE benchmark Sensex fell 76 points, or 0.42 per cent, to 17,829.91 in early morning trade.

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Comments on this article
Prem Colaco, Sakleshpur/Muscat
Thursday, August 22, 2013

Can anybody give me an answer to the rupee decline ??

We have the three best Finance People heading our country now...

Pranab Mukherji - President & ex-FM
Manmohan Singh -PM & ex-FM
P.Chidambaram -Current FM

Is'nt this a truth of bad Governance?
Untimately we consumers have to shell out to that extra to survive !!

Blaan Mendonca, USA
Friday, August 23, 2013

The currency is down 18% against the US dollar since April. Today it tumbled to a fresh record low of more than 65.50 rupees per US dollar. Prices for government bonds have ped, pushing borrowing costs sharply higher. The stock market, as measured by the Bombay Stock Exchange’s Sensex, is down 12% in this month alone. Ratings agencies may cut India’s sovereign debt rating to junk.
It all adds up to a remarkable reversal for India, which has benefitted from years of bubbly investor optimism about emerging markets. Now, India is confronted with an age-old problem for emerging markets: the violent withdrawal of foreign capital.

None of the above three But the most pressing question for Raghuram Rajan, who takes the helm of the Reserve Bank of India (RBI) in September, is what will he do to save the rupee?

Gurudath, M'lore/Mumbai
Thursday, August 22, 2013

And our finance minister is asking us not be too pessimistic. Basically no shame or accountability.

nagesh nayak, bangalore
Thursday, August 22, 2013

HEY, PSUEDOS,

FANTASTIC .

NA BHOOTHO NA BHAVISHYATHI.

HATS OFF TO YOUR ITALAIN LED CONGRESS FOR ACHIEVING CENTURY .

LIST OF CENTURIES ACHIEVED AND TO BE ACHIEVED:

ACHIEVED

1. RS. 101 FOR ONE POUND.

TO BE ACHIEVED :

1. DOLLAR PRICE

2. ONION PRICE

3. PETROL PRICE

4. NO. OF SCAMS

5. MINTING MONEY WITHOUT INVESTMENT. FYI, TILL DATE RECORD IS RS. 58 CRORES FROM LAND DEALING.

LET US SEE WHEN THEY WILL ACHIEVE.

PRACTICE IS IN FULL SWING.

nagesh nayak, bangalore
Thursday, August 22, 2013

"CONGRATULATIONS TO ALL PSUEDOS"

YOUR ITALIAN LED CONGRESS HIT CENTURY .

ONE POUND = RS. 101. CHEERS PSUEDOS.

TO ACHIEVE ABOVE RARE EVENT YOUR ITALIAN AND CO. STRUGGLED DAY AND NIGHT.

MMS AND CHIDU AS A OPENER GAVE GOOD STAND .

YUVARAJA, DIGGY, SIBBU,RENUKAKKA,TIWARY , GHELOT, CHOUHAN GAVE SUPPORT .

AT THE END ITALIAN AND DAAMAD HELPED AS A TAIL ENDER TO ACHIEVE RARE EVENT.

TEAM WILL GET NOBLE PRIZE FOR ACHIEVEMENT.

NOW TEAM IS BUSY IN PRACTICE TO ACHIEVE ONE MORE CENTURY AGAINST DOLLAR.

HOPE THEY WILL ACHIEVE THAT ALSO.

PSUEDOS WILL HAVE DOUBLE DHAMAKA.

UNO, IMF ETC...WILL FELICITATE A TEAM FOR ACHIEVING DOUBLE CENTURY WITHIN A SHORTEST TIME.

leo, dxb
Thursday, August 22, 2013

YOU DONT NEED TO EXPORT THE CONGIS...THEY ALL HAVE RESIDENCY PERMIT IN FOREIGN COUNTRIES AND ENOUGH MONEY IN SWISS BANK FOR THE NEXT 5 GENERATIONS TO LIVE HAPPILY. ROBERT VADRA HAS ALREADY TAKEN RESIDENCY IN DUBAI...ROBERTS'S ARRIVAL TIME IS AROUND 2014 AFTER THE ELECTION RESULTS ....KURSHID AHMED IS ALREADY THE FOREIGN MINSTRY INVOLVED IN GIVING ALL THE DONGIS THE RESIDENCY PERMIT BY MISUSING THE DIPLOMATIC STATUS HE HAS....SONIA ANTONICCI AND RAHUL DI VINCI HAS NEVER GIVEN UP ON THIER ITALIAN CITIZENSHIP....MAUN MOHAN SINGHS DAUGHTER IS HAPPILY SETTLED IN AMERICA AND THATS WHERE HE IS HEADING TO AFTER 2014....REST ALL THE DONGIS HAVE INVESTED HEAVILY IN CARIBBEAN COUNTRIES WHERE THEY HAVE BEEN OFFERED CITIZENSHIP..LAALU YADAV IS POLISHING HIS ENGLISH SKILLS TO MOVE TO GREECE AND BUY AN ISLAND THERE.

LEO, DXB
Thursday, August 22, 2013

SPECIAL THANKS FOR MAUN MOHAN SINGH,SONIA,CHIDDU,ALL THE DONGIS INVOLVED IN MAKING THE RUPESS DEPRECIATE TO ITS LOWEST...YOU HAVE MADE THE NRI COMMUNITY PROUD.THANKS FOR MAKING NRI'S RICH...ONCE AGAIN THE FLOW OF WORKERS HEADING TO GULF WILL INCREASE.JAI HO DONGIS

Rathnakar A, Shirva
Thursday, August 22, 2013

Yes First Export Congress from India!

Rakshak, Mangalore
Thursday, August 22, 2013

Sure! We can we do !!

Bulsam, Mangalore
Thursday, August 22, 2013

The rupee has hit an all-time low and continues to be the worst performer among currencies in Asia, which is definitely not a good sign for the Indian economy.
The weakness of the rupee has led to a surge in remittances from expatriates working in countries such as the UAE, where they can buy more rupees for the dirham.
We have the External factors that include the strengthening of the dollar, while the Internal factors that include inflationary pressures, the falling of dollar inflows in terms of foreign direct investment and increased outflow in terms of oil, and gold settlements. It all amounts to the widening of the current account deficit, which worsened the scenario, as the economy failed to bring in more capital inflows.
Two factors have to be accounted for. First, the inflation differential between India and the rest of the world will lead to rupee depreciation. Second, gold imports are a huge source of import payments that remains very high.
It is feared that the dollar will go as high as INR 75.00.
As a Aam Aadmi, I feel that we need to increase export oriented production and consume locally produced goods to narrow down the trade deficit to an extent.

Narendra Prabhu, Sullia/Bangalore
Thursday, August 22, 2013

All your points are correct. I think our government is afraid of China and Importing from china to keep them happy!

Flavian, Mangalore/Kuwait
Thursday, August 22, 2013

Adhil Khan,

It is ok with NRI's. (especially, those who are having surplus foreign cash, it is an added blessing) but what about our fellow Indians ?

Already some guys are spitting venom on NRI's and your comment will add salt top the wound.

Let us have some concern for our brothers & sisters in India and their plight also.

Matthew, Nitte
Thursday, August 22, 2013

Flavian,

Even the NRIs wont benefit from the falling rupee. Depreciation of the rupee has made the already choking inflation even worse. So once the money is remitted, one will need to pay a much higher price for every product - from real estate to food. Ofcourse, the worst hit are those who live in India who have no where to run and no where to hide.

In several of my posts when i said the country cannot sustain its mass expenditure/entitlement programs while disregarding the current account deficit, many here disagreed. Today, the rupee is asia's worst performing currency. There is a good article in 'Times of India' that explains how a surplus of $13.5 billion in 2004 has been turned into a deficit of a mind-numbing $390 billion !

I expect the rupee to stabilize for the next month or two at 62-65 due to government intervention. But the investor confidence in Indian markets is so low that any thing short of a massive FII input, the rupee will drift to 70-75 within the next 6 months.

Aadil Khan, Kasaragod, Saudi Arabia
Thursday, August 22, 2013

Time for NRIs around the world to cheer about. The inflated exchange rate is a sort of merit increase, promotion or a bonus pay from their employers.

Hope, the employers do not revise the pay scale downward.

Peter Pereira, Nagoya, Japan
Thursday, August 22, 2013

Height of superstition Mr. Prabhuji. Sorry, but true.

G R PRABHUJI, BEJAI
Thursday, August 22, 2013

Since the day from the change of our Rupee Symbol ,there is up ward of our rupee against the dollar.It is better to change to old symbol again.

R.N. Pujari, Manglore - Mumbai
Thursday, August 22, 2013

Best way call for elections don't wait for 2014 , now UPA inherited a robust economy and brought it crashing to the ground cannot expect more development from UPA.

Anand, karkala
Thursday, August 22, 2013

R N Pujari,

UPA knows better - they don't have another chance. So, started withdrawing from the treasury.

Prem Prasad, Bangalore, KSA
Thursday, August 22, 2013

Un-accounted black money with Indians. Rupee crash - NRI'S benefitting. Forex reserve increased

Rajesh Shetty, Mlore-Shj
Thursday, August 22, 2013

Blind corrupt party supporters have taken a day off.Like most of the public they themselves don't know weather "economics" is running the nation or "sonianomics".

Poor Modiphibic Antony Gonzalves might be waiting for Modi word to appear in the news to write asuumed essays.

Jayarama, Udupi/Riyadh
Thursday, August 22, 2013

during global recession India survived 'coz of strong economy UPA-1 inherited from BJP........now when UPA 2 unwrapped its Lungi Economy world can see the naked truth........

Dr S Kamath , Mumbai
Thursday, August 22, 2013

Dear Dinesh Poojary, The Comment would havebeen better if you would have put Na in between Jai and ho

Flavian, Mangalore/Kuwait
Thursday, August 22, 2013

Why are your directing your anger on NRI's. They do not get salary for nothing.



The subject is Indian Rupee, loosing value against Foreign currency.

My sincere advise to you, if at all you get an opportunity to go abroad, please do not look back.

Vinod Dias, Bantwal
Thursday, August 22, 2013

Now people living in India jealous about NRI's due to fall in rupeee. NRI's gaining a lot.

Blaan Mendonca , USA
Thursday, August 22, 2013

Asian markets were under the cosh on Thursday as a spike in US bond yields drove up borrowing costs globally, Asia mourns end to cheap dollars. In testimony last week, Federal Reserve Chairman Ben Bernanke hinted that the program of quantitative easing that has propped up the economy and the markets over the last three years could come to an end before Christmas comes around. India posted a record current account deficit of 4.8 percent of gross domestic product in the year ended in March, which has been a key source of weakness in the rupee.

Rakshak, Mangalore
Thursday, August 22, 2013

ಮಿನುಗುತಿದೆ ಭಾರತ ಮಿನುಗುತ್ತಿದೆ ನಮ್ಮ ಭವ್ಯ ಭಾರತ. ದೇಶದ ಅಲ್ಲಲ್ಲಿ ಎಲ್ಲೆಲ್ಲೂ ಜನರು ಗುನುಗುತ್ತಿದಾರೆ. ನೀರುಳ್ಳಿ ಕಂಡಲ್ಲಿ ಕಣ್ಣೀರು ಜಿನುಗಿತ್ಟಿದೆ. ಇದುವೇ ಭಾರತದ ನಿರ್ಮಾಣ? ಅಥವ ನಿರ್ನಾಮ? ನಾವೆಲ್ಲ ಇಂತಹ ಅರ್ಥ ಶಾಸ್ತ್ರಜ್ಞ ಪದವಿ ಪಡೆದ ಅರ್ಥವಿಲ್ಲದ ಮೌನಿ ಪ್ರಧಾನಿಯ ಆರಿಸಿದ್ದೇವೆ. ಹಾಗಾಗಿ ಇನ್ನೂ ಬರುವ ಸಮಸ್ಯೆಗಳನ್ನು ನಾವೇ ಎದುರಿಸುವ ಸಂದರ್ಭ ಬಂದೊಗಿದೆ...

Vincent Rodrigues, Katapadi/Bangalore
Thursday, August 22, 2013

government is only helping the NRI's who earn more in exchange of their foreign earning and they are also not paying any tax on their earning.

Avinash, Kasaragod/Bangalore
Thursday, August 22, 2013

Tomorrows's news:

1. Petrol prices increased by Rs.4

2. Diesel prices increased by Rs.3

3. Auto drivers went on strike demanding for hike in minimum fare.

4. Due to increase in Petrol/Diesel prices KSRTC/BMTC is thinking of increasing the bus fares

5. Coz of the increase in transportation cost (coz of diesel prices) vegetables become costlier
than ever.

Now Rahul Gandhi will tell that the rupee value has not come down but its just our state of mind

Jai UPA!!! Jai Mouni Baba!!! Jai Chiddu!!! Jai Italian lady and finally Jai Amul Baby!!!

Valerian Dalmaida, Mangalore/Abu Dhabi
Thursday, August 22, 2013

Political instability, no decisions or slow decisions by the Government, scams and related bad economic policy have attributed for the free fall of Rupee. India needs lot of time to come back and there are solutions for this, but the Government must act immediately. First, ban import of all items except oil for the next 5 years. Second, stimulate indigenous production with quality and create infrastructure for local production. Third, stop all subsidies on fertilizers, gas, food, diesel and all vote seeking popular programs. Fourth, strict collection of tax and people to stop all bribing at all levels. Fifth, deliver quick justice and put all people involved in the scams behind bars. Sixth - announce voluntary disclosure of black money with nominal tax. Seventh - Charge 400% customs duty on all goods imported except crude oil. Eighth - People should hold savings in bank deposits instead of investing it in gold, real estate, property and stocks. These measures will stabilize the Rupee and India can bounce back.

ethan lobo, mangalore/ mumbai
Thursday, August 22, 2013

Thanks to congress.... soon common man has to bear the burden of food security bill costing 1.2 lakh crores. God save the middle class..

Rakesh, Mangalore
Thursday, August 22, 2013

Pity on this government...

And by the way where is our hero Joseph... he may come suddenly and comment rupee depreciation is because of yedyurappa... lol

PRAVEEN, Mangalore
Thursday, August 22, 2013

We kept saying - PM bolta nahi, PM bolta nahi!
15 August ko 1 ghante bola and see the result:
Sensex down 800 points
Gold above 31k
Dollar above 65
Onions back to 80
Bhai tu please chup hi reh...

Richard, Shirva/Sharjah
Thursday, August 22, 2013

record new low 65.56!!..King is Singh
our government may be planning to match currencies with Pak, Bangla, Srilanka!!!

Benny, Anjuna
Thursday, August 22, 2013

When the government coffers are empty and rupee is falling at break neck speed, someone is hell bent on distributing whatever left to poor people through food security bill. The country is on self destruction mode.

CONRAD JOHN TAURO, SHIRVA/UDUPI/DUBAI
Thursday, August 22, 2013

Worst Performing Currency Of Asia.

Prem Prasad, Bangalore, KSA
Thursday, August 22, 2013

@Jayarama, Udupi/Riyadh,

What is the inflation rate, Riyal value & corruption where you and me living?

Jayarama, Udupi/Riyadh
Thursday, August 22, 2013

During my prolonged stay over here I am used to respect the culture, tradition and rules, not to talk about politics an policies of the country which provided me an employment opportunity. The one thing they did was pegged $ against Riyal @ 3.75/per $ to avoid volatility.
Please note that how Rupee devalued under 60 years of Congi is as follows:
1914: 1 Dollar= 0.0625 Rupee
1947 1 Dollar= 1 Rupee
1990s 1 Dollar= 35 Rupee
2013 1 Dollar= 65 Rupee

Prem Prasad, Bangalore, KSA
Thursday, August 22, 2013

@Jayarama, Udupi/Riyadh
My question: What is the inflation rate, Riyal value & corruption where you and me living?

Anil Norman , udupi/qatar
Thursday, August 22, 2013

Jayaram can you tell what is the currency rate for dollar when BJP ruling , can you guess if BJP rules now what is the currency. Can you explain how currency rates are decided,its purely due to import
so before making any comments please know the fact,

when big countries facing financial crunch , india only sustained stable do you know why?

asif, MANGALORE
Thursday, August 22, 2013

dont worry 1 Dollar= Rs 130 2017
1 riyal= RS 35

Rajesh Joy, Kokkada, Afghanistan
Thursday, August 22, 2013

Now NRI's are trying to settle in Same Country where they work..

Rakesh shetty, mangalore
Thursday, August 22, 2013

THIS INCIDENT WILL BECOME ONE OF THE STRONG REASON FOR UPA TEAM COLLAPSE IN 2014 POLL.

I AM SURE ONLY NAMO CAN MAKE THIS HUGE DIFFERENCE BACK TO NORMAL.

I AM SURE INDIA WILL BECOME STABLE AFTER 2014 ELECTION.

R.N. Pujari, Manglore - Mumbai
Thursday, August 22, 2013

Dear brother sister & religious lovers.....Food security bill doesn't come for free... Now tax-increase is only option left for this GOVT wait till they increase it for all...Many in this forum will be very excited to hear NRI - TAX soon . i can tell Congress is hatching some sort of hidden conspiracy against India? Why is it going all out to destroy our economy?????????I read in news today that the farmers and end users are crying on onion price. The middleman & exporters are laughing making money & govt is sleeping .Shame to have UPA inpower.

Prashanth, Mlore
Thursday, August 22, 2013

Defense minister doesn't know what went wrong with submarine!!
External Affairs minister doesn't know what went wrong with Pak & China.
Home minister doesn't know what went wrong with Bodhagaya & Hyderabad.
Coal minister doesn't know what happened tothe files in his office.
Agriculture minister doesn't know what went wrong with onion prices.
Railway minister doesn't know what went wrong with Bihar tragedy.
Finance minister doesn't know what went wrong with rupee.

Finally prime minster doesn't know what went wrong with all of above.

Hats of to UPA and people who support them. HO RAHA HAI BHARATH NIRMAN

Flavian, Mangalore/Kuwait
Thursday, August 22, 2013

The other day I was listening to expert’s comments on NDTV. The current economic situation is worse than 1991 economic crises it seems. With short terms debts amounting to 170 Billion Dollars.

I wish political parties stop blaming/defending the current crises. Rather join hands and try to work out some strategy, how to check this weakening of INR.

We cannot expect BJP (even if comes to power in 2014) to reverse the situation immediately. By that time, India may be in total foreign debts like some European countries are now. God forbid.

It is not important that who or which party rules but we need strong economically sound India.

Bharat Matha ki Jai. Jain Hind.

Jayarama, Udupi/Riyadh
Thursday, August 22, 2013

Please report some sensational news, not the daily occurrence which is taking place under Congi rule...

Dinesh Poojary, Kundapura/Bengaluru
Thursday, August 22, 2013

Jai Ho ANTI-NATIONAL, ANTI-INDIA, USELESS, PAKISTAN-CHINA-ITALY FRIENDLY congress....

Ignatious, Udupi/Abu Dhabi
Thursday, August 22, 2013

Nothing to Rejoice. Soon it will be reflected in cost of living.

Anand, karkala
Thursday, August 22, 2013

NRI's especially went abroad to earn money without taking care of the family back home will be benefitted by this Rupee fall.

R Mallar, Kasaragod. Dubai
Thursday, August 22, 2013

This is a crisis time. All parties must come together and find the way out. Our own nobel laurette Amartya Sen should provide advise to government instead of criticising Modi.
Chidu's advisors must be changed. Whoever has given the absurd advise of banning LCD TV import to strengthen Rupee should be sacked.

Rakesh shetty, mangalore
Thursday, August 22, 2013

UPA GOVT GIFT TO NRI'S.

Premnath Shetty, Bangalore
Thursday, August 22, 2013

Will cross Chiddu's age,then MMS age

R.N. Pujari, Manglore - Mumbai
Thursday, August 22, 2013

@Premnath Shetty dear brother god is great and all our freedom fighter sacrifice went in vain after 15th AUGUST flag host day return we need to host NATIONAL FLAG when dollar reaches 67 to show the world we got independent from British East India company now we are pulling down our national flag now we are SLAVES under dollars & U.S.A

Razak , Yermal / Dubai
Thursday, August 22, 2013

Our Super rich Politicians are
not bothered about falling rupee value,high inflation.

HENRY MISQUITH, Bahrain
Thursday, August 22, 2013

Dollar is on Escalator and Rupee in Ventilator...!!!

Declan, Mumbai
Thursday, August 22, 2013

Good one !

 
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