Friday 2 December 2011
Thursday, November 24, 2011 Amid rising oil import bill and external debt, the rupee-dollar exchange rate could well reach the levels of 53.80 by January next year and 55.10 by March if the global economy continues to be bleak like in recent months, says Assocham. If the Eurozone and the United States start showing signs of recovery and foreign funds start flowing back to India, the exchange rate will settle around the new normal level of 49.50.
The rupee started tumbling after the downgrading of US credit ranking and increasing threat perception of Greece defaulting on sovereign debt. It slid against the dollar from 44.40 in July to 45.50 in August, 47.60 in September, 49.30 in October and 52.70 this month.
It could further slip to 53.10 in December, 53.80 in January 2011, 54.50 in February and 55.10 in March, said Assocham in its latest study titled ‘Exchange Rate Slide – What Impact is it Having?’
The rupee started tumbling after the downgrading of US credit ranking and increasing threat perception of Greece defaulting on sovereign debt. It slid against the dollar from 44.40 in July to 45.50 in August, 47.60 in September, 49.30 in October and 52.70 this month.
It could further slip to 53.10 in December, 53.80 in January 2011, 54.50 in February and 55.10 in March, said Assocham in its latest study titled ‘Exchange Rate Slide – What Impact is it Having?’
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