News Record low for the Rupee!

Discussion in 'News & happenings' started by JD666, Aug 27, 2013.

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  1. JD666

    JD666 RAID Leader Staff Member

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    What else could be making news at this point, Some god man being arrested over a molestation charge?

    Well yes and no. Yes to the fact that there are bigger news, and No, No to all godmen and fake leaders in the country.

    Congratulations. We've managed to hit rock bottom. Not of our bottles of whisky and rum, but of our currency, which holds nothing to any other at this point.

    I did a remittance of some amount recently. The difference is now (within a week), nearly 9000 Rs per Lakh. i.e. I would have gotten 9000 INR more for every Lakh that I sent last week.

    So with a drop of nearly 10% is there anything good about it? Unless you've been stocking up on traveler's cheques, or dollars/euros/ etc etc. Nothing.

    From here, to where? only time will tell.

    Sad day for our country, our economy, our show of might and also of our leaders, policy makers.

    Probably they can try taxing something that's not been already taxed.

    Ever since the import duty on Gold has been hiked, there has been a marked increase in the smuggling of the precious metal into the country. And these are the ones that get caught. How many slip by, no one knows.

    Let the country buy gold, atleast when the prices go up, we'll be holding onto something valuable. Not anything that keeps deflating.

    This time last year, the Rupee was at 55 Rs. It's just about 10 Rs more this time around. That's nearly a 20% hike in the cost of everything in the global market for us.
     
  2. SumitB

    SumitB RAID Staff Staff Member

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    I am posting this from what I posted on FB. A disclaimer though, a few decimals may be here or there (max +- 10 paise). All details are available on the internet and not on any RSS or "Modi Bhakt" run sites. Details have been taken from the GOI's own financial institution run sites.

    ABV was PM from 1998 to 2002. In 1998, INR:USD was 41.33. In 2002, 48.62. Rose by 7.29. From 2002 to date, it has risen by 18.59. However, the 55 to 67 was achieved in 60 days! That's when the UPA was hell bent on getting the Food Security Bill passed. Today's drop by 149 paise has been the biggest since 1995!
    --- Double Post Merged, Aug 27, 2013 ---
    To rub in more salt, out of 66 years of India's independence, the reigns have been with Congress for 56.

    In the 50s, 60s, 70, 80, and 90's, our dynastic leaders said "Garibi Hatao". In 2013, Rahul Gandhi said that "Poverty is only a state of the mind". With this mindset, we are doomed to be poor for the rest of humanity and probably deserve it for having chosen such crooks to lead us.
     
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  3. JD666

    JD666 RAID Leader Staff Member

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    Lol, Hit a new low of 68.75 today.. currently around the 67 mark. Looks like we'll be seeing 70 anytime now.
     
  4. JD666

    JD666 RAID Leader Staff Member

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    Looks like what you were predicting is coming true sooner than later

    @sumitb
     
  5. dbg

    dbg RAID Staff Staff Member

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    God damnnit !!

    JD I hope your local currency is doing well :)
     
  6. BANHAMMER

    BANHAMMER Teh Almighty BanHammer Staff Member

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    oh well, the UPA govt. and more importantly our stupid public who decided to elect them.
     
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  7. sohail99

    sohail99 RAID Rookie

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    We're officially in the gutters lol!
    Someone needs to dissolve all the parties and the Parliament and start afresh.

    Sent from my GT-I9100 using Tapatalk 2
     
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  8. SumitB

    SumitB RAID Staff Staff Member

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    Our politicians cannot be expected to do anything to harm their own kin. For instance, the SC wanted to put a ban on all convicted and jailed persons from contesting in elections. They even wanted all elected public representatives who have been convicted to be removed with immediate effect. What did our politicians do? They passed a law in RS preventing this and it now awaits a nod from the LS and the President! Hail democracy!
     
  9. Arun.p

    Arun.p RAID Rookie

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    i don't think so if the price dollar vs rupees will not come down after 2-3 month and the economy will create more problem to all people who might lose job/ business loss, and the bloody government are charge more tax and fee for everything at india
     
  10. idutt

    idutt RAID Rookie

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    we are expecting a significant hike in car prices thanks to the depreciating rupee.if fuel prices go up again then we are screwed.
     

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