Another day, another record low for the rupee.

[randomness]

From Bloomberg:

For most of 2013, the Indian rupee, like the currencies of almost all emerging economies, has been steadily losing ground against the dollar. Over the last week, though, this drift has become a disturbance as the rupee has gone into free fall, repeatedly plumbing new lows and sending stock markets into a panic. The rupee fell by more than 2 percent against the dollar on both Tuesday and Wednesday this week, each time the biggest single-day declines in its value for more than two decades.

...

At beginning of the year, the dollar traded at 55 rupees; it was just above 60 rupees at the beginning of August. It has advanced more than 10 percent this month to just over 68 rupees, and no one believes the end is in sight.

Comments

[dirque.livejournal.com]

Interesting. I was just looking into taking a position on India and the rupee. There is a large gold run happening in India right now as well as them passing a historically high farm bill.

I'm thinking about buying INDL which is a 3x leveraged Indian stock index to hold for the next 4 months.

Mostly because I think Syria will remain a stalemate especially with the russians moving in for a block and Britain bowing out. Also shitty exchange rate means highly profitable companies who have mostly dollar revenue.

I'm also starting a small silver position contrarian that I am.