One US Dollar costs Rs.58.16 on 10th June!
Yes, it is a life-time low of rupee against the dollar,making the struggling
economy furthur vulnerable.
The rupee has slumped by 8 per cent from 53.80 on April 30.
The forex traders were critical of the Reserve Bank for its inaction
in the matter.
The rising rupee will make the oil companies hike the rates soon.
The record low of rupee is sending shock waves to the economy
and all import intensive sectors such as auto,capital goods,metal
products and power will be affected.
Foriegn Institutional Investors are pulling out,fearing furthur erosion
of their value of their stocks.
Still some people are rejoicing.Exporters,including IT companies and oil
companies from the private sector are happy as their income is in
Doller terms.