With the news of “$1= Rs. 60.72” (June 27), I have started to panic about the senior citizen status of our currency. Government attitude toward it is the same as how we are known to treat our elderly. Gear up for another hike in the prices of petroleum products. Forget about studying abroad. Get ready to purchase many items at a higher cost. I dream of an old age home for the rupee where it is taken care of.
Fazan Sultan Siddiqui,
The manner in which the Indian rupee has been battered and bruised in recent weeks despite the Reserve Bank’s efforts does not augur well for the economy and has obviously let panic creep in. The currency fell by seven per cent this month, making it the worst performing Asian currency. The fallout is there for all to see, with the markets taking a beating and foreign investors exiting in droves. The weak rupee could stoke inflation, which is already high. With import bills set to soar to a record high it will take a miracle to rein in the dollar.
N.J. Ravi Chander,
Foreign institutional investors are pulling out of our stock market; hence, the sudden demand for dollars. Easing of norms for FII inflow will only add to “speculative” trades in the bourses as long as there are no curbs on the dollar outflow.
Will the rupee hit the century against the dollar? The answer lies in the performance of our economy. The Finance Minister’s advice to the people to cut the import of gold, which is causing a big hole in our foreign exchange reserve, has not been taken seriously. The title song of the movie Mackenna’s Gold , Old Turkey Buzzard, tells us why: “They just got to have that gold…they’ll do anything for gold.”
Victor Frank A.,
With our imports growing vis-a-vis exports and withdrawal by FIIs, this is bound to happen; and I do not see the government proposing any tough measures. Let us do something for the nation in this hour of crisis: stop buying foreign goods and start buying Indian products. We should also reduce our buying of gold.