Ya I tried to rhyme that with the "London bridge is falling down" tune, and it certainly suits.
While jokes apart the Indian currency against dollar has hit it's all time low of 69.01 and the trend says that it might be going more down. Somebody needs to do something really about it now.
Consistent demand of the dollar from sources like importers, banks , oil refiners And also the Crude oil prices had resulted in such a fall of rupee.
While some say the main reason being the rise in crude oil prices has resulted in so, but it is also believed that huge outflow of currency Relating to trade war concerns within the country can also be a cause.
And above all the Strengthening dollar index and the weakness emerging in other currencies can also be a result.
It's high time that RBI should have intervene in this cause, however it should already have. If it keeps waiting we might soon see rupee falling to 70-72 per dollar. RBI needs to save rupee as soon as possible.
Save rupee!!
Please comment what you think about it?? What can be done?