Rumors of Rupee Devaluation?
I have been hearing from a number of sources that the Government is planning to devalue the Rupee soon. I am not a financial analyst but the sources indicate that the time is ripe ‘n ready for a devaluation. Naturally instinctively I would recommend people to convert to some preferred foreign currency to avoid any potential losses.
Have a look at the five year graph which shows a drop in 2002 and a steady rate of 60 for the past year or so. Today’s rate is Rs. 60.325 to US $1 (Yahoo Finance)
Can any one here support or deny this rumor?
DISCLAIMER: As I mentioned these are rumors, so please proceed at your own risk and any financial risk should be carefully evaluated before taking financial decision
The devaluation has not yet happened but the rate hike today will have a related and somewhat similar effect. The root of both is the danger of inflation getting out of hand.
Yesterday I read somewhere may be in karachi metroblog that fake coins are in market! It is so devastating…
P.S. What a nice template, Dr sahab!