The rupee weakened previous the 40 mark and went all the way in which to 52 very quickly, and has been depreciating steadily ever since
Those that have been monitoring the rupee over the previous twenty years would recollect that it had appreciated from 49 to beneath 40 towards the greenback between 2002 and 2007. There was numerous chatter across the 40 stage that the rupee was heading in the direction of 35. It was an period when unique derivatives had been in vogue and a number of other exporters had placed on leveraged spinoff buildings, betting on the rupee strengthening. Thereafter, got here the monetary disaster of 2008 which resulted in large losses on unique spinoff merchandise for a lot of exporters.
First Printed: Solar, July 31 2022. 18:06 IST