The Rupee is at 64.20 to the dollar, which is the weakest it has been since September 2013. Only one way, technically, to go from here: Weaker.
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This might not sound great, but at least we are secularly dropping against all other currencies also:
The UK Pound has touched Rs. 100 again, after being at Rs. 91 just as recently as April 13, 2015!
The Euro and Pound have appreciated by 8-10% in the last month, while the dollar and Yen have moved up 3%.
These are not exactly crisis levels – just slow sustained selling of Indian assets. Looks like we’re going to need a lot more money from the Softbank/Alibaba/VC types to counter this damage!
Note: IIP data will be out later today.
This news – of Indian rupee weakening – is not good for importers and for people who’ve borrowed in foreign currencies. But it is quite good for Indian exporters, and specifically, the Pharma, Textile/Garments and IT spaces.
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