Thursday, August 22, 2013
Indian Rupee in Free fall : Rupee Vs Dollar : From 1990 to 2013 History
Democracy and Class Struggle says the rise of Neo Liberalism in Indian marks demise of the Rupee. Rupee Indicator of serious Economic Crisis in India for Neo Liberalism..
The immediate trigger for India’s currency crisis were the comments made on May 22 by U.S. Federal Reserve Chairman Ben Bernanke that the U.S. central bank may soon pare back its $85 billion per month bond-buying program. Nervous overseas investors responded by pulling more than $11 billion dollars out of Indian stocks and bonds.
More fundamentally, the crisis is rooted in a dramatic slowing in India’s economic growth and its growing, massive dependence on inflows of foreign capital to meet its current account deficit.
In the last fiscal year, which ended March 31, India recorded growth of 5 percent, the lowest in a decade, and far less than the minimum 8 percent needed to prevent a rapid rise in unemployment.
Posted by nickglais on 8/22/2013 04:48:00 PM