THE RUPEE DIP CONTINUES
The Indian rupee continues to slump to a record low. One of the main reasons for such a dip is concerns from global markets and primarily tracking a fall in the Euro.
Just a couple of hours ago, the rupee was at 56.42 against the US dollar, in the morning it was even lower at 56.51. In the month of May alone, the Indian Rupee has declined by around 6.52% on account of the uncertainty in global markets and worsening fiscal discipline in the domestic economy.
In the last couple of days alone, the euro has dropped by 0.93% and is currently trading at 1.2389, down 0.19% from the previous close, according to data from Bloomberg. The slower than expected growth in Indian GDP also dampened sentiments. India’s GDP rose 5.4% in the March quarter, the slowest since 2008.
So, if you have your brother or sister in the USA, tell them now is the time to send the dollars back to the family in India !!