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  #1  
Old August 14th, 2018, 10:32 AM
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Post Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

TIMESOFINDIA.COM | Aug 14, 2018, 10.21 AM IST
NEW DELHI: On Tuesday, for the first time in history, rupee breached the key 70-mark against US dollar in intra-day trade to hit the all-time low of
70.10, as concerns about Turkey’s economic woes persisted.

The currency, however, closed at 69.90, up 3 paise against Monday's 69.93.
Read full story here: Rupee breaches 70-mark against US dollar first time
The Turkish currency, lira, is in a free fall, having fallen 50 per cent against the dollar in a year. It fell sharply in the last couple of days after the US hiked import tariffs on Turkish steel and aluminium.

Investors see this as bad news for global trade and are dumping the Turkish lira, as well as other emerging market currencies, and going for the safety of US dollar-backed assets.

The increase in demand for the US dollar is making it stronger against most currencies, including major ones like the euro and pound.
On Monday, the pound sterling was trading near 2018 lows, the euro declined to a 13-month low, the Russian ruble lost 2 per cent, while South African
rand plunged 7 per cent in the global meltdown.

How is India placed?
As the dollar becomes stronger, the rupee turns weaker. Rupee 's weakness is also driven by the fact that India is a net importer, and thus needs more dollars every year to import. Foreign investments have also slowed down translating in fewer dollars coming in.

Foreign investors ended up selling shares worth Rs 971.86 crore on Monday, NSE data showed. Since the beginning of this year, foreign investments in
shares have seen a dip worth Rs 35,356 crore (including equity, debt and hybrid).

Moreover, India's gold imports rose for the first time in seven months in July, thus further worsening the trade deficit and weakening the rupee.
India's central bank, the Reserve Bank of India (RBI) intervenes in the market from time to time by selling dollars to prevent the currency from slipping too much. This has resulted in a significant drag in foreign reserves which have declined from a record high of $426 billion in April to $403 billion in early August.

However, it is believed that India can still take in another 5-8 per cent fall in forex reserves without having to worry.

Bitcoin is making merry though
The free fall of lira may have strained other currencies, but it has come as a blessing to cryptocurrency, bitcoin. Turkish cryptocurrency exchanges noted a
surge in trading as investors looked to hedge their losses on lira by buying bitcoins. Bitcoin has reversed its fall to rise 1.6 per cent on Monday.
But, with the RBI's deadline to banks to stop any relationship with cryptocurrency exchanges expiring last week, Indians can no longer monetise their crypto trading. They are now restricted to peer-to-peer (P2P) trading, which involves trading one type of cryptocurrency for another.


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  #2  
Old August 14th, 2018, 12:30 PM
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Re: Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

Looks like the right time to buy Turkish Lira.
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Old August 15th, 2018, 03:53 AM
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Re: Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

Devaluation of Indian Rupee should not be seen as an insult to the nation.
Good for the country's exporters.
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Old September 1st, 2018, 09:03 PM
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Re: Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

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Old September 2nd, 2018, 11:51 AM
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Re: Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

Quote:
Originally Posted by marvelous View Post
Devaluation of Indian Rupee should not be seen as an insult to the nation.
Good for the country's exporters.
Quote:
Originally Posted by sarv_shaktimaan View Post
I actually agree with Marvi pai here. When rupee went up to 35 a dollar in 2007, CyberCoolie cos were peeing in their pants. Tatas though went on a buying spree and bought Land Rover, etc.

I am surprised the tweet doesn’t mention British pound. That went down significantly after Brexit. I remember Chinese yuan used to be 8+ for a dollar. It was pinned down by Chinese government to make Chinese goods cheap. It went up after US put a lot of pressure to move it up. With the sanctions, Chinese are again pinning it down.

If Indian govt pins the rupee down, mango men will start crying over petrol prices.
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Last edited by sgars; September 2nd, 2018 at 12:26 PM.
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Old September 4th, 2018, 11:19 AM
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Re: Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

Currently the exchange rate offered by banks to the common man for converting dollar to rupee is about 1 USD = Rs 70.5.

Do you think the rupee will continue to slide further? When do you see the rupee gaining back again?
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Old September 5th, 2018, 12:38 AM
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Re: Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

Quote:
Originally Posted by echarcha View Post
Currently the exchange rate offered by banks to the common man for converting dollar to rupee is about 1 USD = Rs 70.5.

Do you think the rupee will continue to slide further? When do you see the rupee gaining back again?
I think Turkey crisis is going to take a while. At least 8-9 months. Rupee could go to 90!!
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Old September 6th, 2018, 07:26 AM
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Re: Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

Rupee is breaking record almost every day.
Breaches 72 mark.
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Old September 10th, 2018, 11:20 PM
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Re: Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

How much more will it bleed? Its important for me.. I mean I have some vested interest in seeing the rupee fall further... Sorry, I am no Mahatma... stronger dollar is good for me.
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Old September 11th, 2018, 04:19 AM
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Re: Rupee bleeds: Turkey eating up India's forex reserves, but shooting up bitcoin

^^
Nobody can make a perfect prediction. There were those who predicted that bitcoin will cross $100k, but it is far from there.
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