After steadying marginally for a while, the rupee once again breached the 80-to-a-dollar mark, sliding to a new low of 81.9 on September 28. Despite slight gains in the following days, it again fell to 81.7 to a dollar on October 3.
India’s big concern is that the RBI’s measures to stem this slide have been only partially effective so far. Moreover, with the central bank dipping into the country’s forex reserves in a bid to halt the rupee’s plunge, reserves had fallen to $537.5 billion (Rs 43.9 lakh crore) as on September 23 from the peak of $642 billion (Rs 52.4 lakh crore) on September 3 last year. This is because, on behalf of the RBI, state-run banks resort to a heavy selling of dollars.
Experts see the rupee weakening further in the coming weeks as investors continue to exit the Indian financial markets. For instance, foreign portfolio investors (FPIs) have pulled out Rs 1.68 lakh crore from the Indian stock markets so far in 2022. September alone saw an FPI outflow of Rs 7,600 crore. If the RBI continues to dip into the country’s reserves to shore up the rupee, as it will have to, it could lead to a further depletion of the reserves. The country has reserves equivalent to eight months’ value of our imports at present. Experts peg the danger mark at four months’ value, or lower.
Denne historien er fra October 17, 2022-utgaven av India Today.
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Denne historien er fra October 17, 2022-utgaven av India Today.
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He gave the beat to the world
He would pick up the rhythms of each experience of mobility and weave them into his taals. Thus it was that he reflected joy and laughter in rhythmic cycles...such was the magic of Zakir's fingersText and photographs by Raghu Rai
KERALA TOURISM CAMPAIGN, 1989 - TICKETS TO PARADISE
All it took was a catchy tagline-'God's Own Country'-for the world to discover Kerala's wealth of natural beauty. It remains among the best tourism ad campaigns, earning the state a place among top 10 international destinations
SPIRITUALITY - THE GURUS OF COOL
Among the cult Indian gurus, no one had a bigger hold on western minds than 'Osho' Rajneesh. He's also perhaps the role model for the enterprise-building gurus of today
RETAIL SHOPPING - THE MALL MANIA
Shopping malls, a 1990s innovation in India, changed the way the Indian middle class shops. Their success now lies in being 'shoppertainment' destinations, offering something for everyone
CULINARY RENAISSANCE, 1978 - TANDOORI NIGHTS
ITC's Bukhara and Dum Pukht turned the world to tandoori cuisine and had an enormous impact on the F&B industry. Decades on, they are still a pit-stop for celebrities and heads of state visiting Delhi
INDIAN WRITING IN ENGLISH - REVENGE OF THE NATIVE
Rushdie lit the way but Indian writing in English has taken a life of its own in the past few decades, with translated Indian fiction most recently having its moment in the sun
INDIAN ART - A BRUSH WITH GOLD DUST
The 1990s economic liberalisation came as oxygen, lighting up the Indian art scene. Today, artworks by established masters routinely go for astronomical amounts
FESTIVAL OF INDIA, 1982 - CULTURE CAPITAL
The Festival of India grew into a symbol of our 'soft power', introducing our art and aesthetics to a global audience while also helping rebrand our domestic products
THE INDIPOP TREND - DISCO GOES DESI
For ages, the film song ruled. Nothing else was audible. Then came Nazia, charioteered by Biddu, and Indian ears went into a pleasant madness. Literally, Disco Deewane. A whole genre was born
SHOLAY 1975 - THE BIRTH OF THE FANDEMIC
India had seen hits before. But Sholay seared into its collective psyche like a badland bullet. The effect was on a scale never seen before- one film creating a new mass folk culture. And a trail of monster blockbusters that still continues