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Financial Times (April 19)

2021/ 04/ 20 by jd in Global News

“India’s currency has swung from emerging market leader to laggard as the country battles a ferocious wave of coronavirus infections, prompting concerns among global investors that a nascent economic recovery will crumble.” During Q1, the rupee was “the only emerging market currency to gain ground on the dollar.” Since April, it has plummeted 3%, “the worst performance” of its peers.

 

Hidustan Times (August 30)

2018/ 09/ 01 by jd in Global News

“Prime Minister Narendra Modi’s efforts to weed out black money through a ban on high-value currency notes haven’t yielded the desired results.” The Government estimated approximately one-third of the 15.4 trillion rupees in circulation on Nov. 8, 2016 “wouldn’t be returned to banks because it was stashed illegally to avoid tax.” In reality, 99.3% of the invalidated banknotes were returned. Only “107 billion rupees hasn’t yet been received by the Reserve Bank of India after the cash ban.”

 

Bloomberg (November 16)

2016/ 11/ 17 by jd in Global News

“One week after India’s sudden declaration that 500- and 1,000-rupee notes were no longer legal tender, the economy is in chaos.” Designed to shake out black money, “what seemed at first to be a masterstroke by Prime Minister Narendra Modi now looks like a grave miscalculation.” The move invalidated over 80% of the currency in circulation, crippling the economy. “The central bank has struggled to print replacement denominations—and the new notes are the wrong size for existing ATMs.” It could be months before things return to normal.

 

The Economist (August 24)

2013/ 08/ 26 by jd in Global News

Since the U.S. Federal Reserve intimated that it would begin tapering its quantitative easing program in 2013, “there has been a great sucking of funds from emerging markets. Currencies and shares have tumbled, from Brazil to Indonesia, but one country has been particularly badly hit.” India is looking less like “an economic miracle” and more like a country teetering on the verge of a full-blown crisis. “The rupee has tumbled by 13% in three months. The stockmarket is down by a quarter in dollar terms. Borrowing rates are at levels last seen after Lehman Brothers’ demise. Bank shares have sunk.”

 

Institutional Investor (December 7)

2011/ 12/ 08 by jd in Global News

“The Indian rupee has declined 12.8 percent against the U.S. dollar since the beginning of the year, making it the worst-performing currency in Asia.” Due to both domestic and external pressures, the Indian rupee looks unlikely to strengthen despite possible intervention by the Reserve Bank of India.

 

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