Indian Rupee Breaches 70 Mark Against US Dollar
The Indian Rupee on Tuesday hit a record low breaching the Rs 70 mark against the US dollar in opening trade. On Monday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.91 against the US currency.
1. in past 4 years gained 20% in REER terms
2. in same period inflation (total) was > 20%
3. Losing purchasing power domestically but gaining power internationally.
5. not sustainable since domestic & overseas valuation needs some parity
Indian Rupee Breaches 70 Mark Against US Dollar < Currency News