Franc-k truth: Rupee gets pounded around the globe
Let’s call it an all-round fall for the Indian rupee. The Indian currency is not only losing ground to the dollar but also to major currencies, like the British pound, the euro or the Swiss franc.business Updated: Aug 28, 2013 19:07 IST
Let’s call it an all-round fall for the Indian rupee. The Indian currency is not only losing ground to the dollar but also to major currencies, like the British pound, the euro or the Swiss franc.
The British pound on Wednesday crossed Rs 106 level, the euro went past Rs 92, Swiss franc touched Rs 75 mark, Canadian dollar was at Rs 65, Australian dollar at over Rs 60, while New Zealand dollar, Singapore dollar, Bruneian dollar and Libyan dinar crossed Rs 50 level.
Even one Kuwaiti dinar is now worth more than Rs 240, Bahraini Dinar over Rs 180, Omani Rial has went past Rs 175 and Latvia Lat at Rs 130.
Against the most prominent foreign currency US dollar, the rupee has fallen to a record low of Rs 68.75.
The US greenback has appreciated by about 28% since May this year, amid aggravating concerns over the flight of foreign funds from India due to weak domestic economic conditions and global headwinds.
The rupee's fall has been the same or higher against a host of other foreign currencies, including pound, euro, Swiss franc for the same period.
The plunge has been less sharper against a few, like Australian dollar (10%), New Zealand dollar (16%) and Brazilian real (8%).
A few currencies against which the rupee has appreciated since May, include those in the countries like Panana, Tongo, Surinam, Tajikistan, Solomon Islands, Salvador, Haiti, Kyrgyzstan, Liberia, Syria, Congo, Somalia, Sierra Leon and Guinea.
At least eight foreign currencies currently trade over Rs 100 mark, including Isle of Man pound, Gibraltar pound and Jersey pound. Besides, euro and Jordanian dinar are in the 90s. At least 50 foreign currencies trade at over Rs 50 level.
The number of foreign currencies having a value higher than rupee is at least 100, while those valued less than Indian currencies include those of Bangladesh, Liberia, Algeria, Serbia, Kenya, Angola, Japan, Nepal, Pakistan, Albania, Syria, Iceland, North Korea, Sri Lanka and Nigeria.
Currencies in countries like Guyana, Yemen, Hungary, Malawi, Zimbabwe, Costa Rica, Chile, Rwanda, Congo, Burma, South Korea, Iraq, Somalia, Lebanon, Burundi, Mongolia, Tanzania, Colombia, Uzbekistan, Uganda, Cambodia, Paraguay, Lao, Belarus, Indonesia, Iran and Vietnam also carry value less than one rupee.
First Published: Aug 28, 2013 16:03 IST