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Friday, February 18, 2011

Unlucky 52 for Indian economy

Rupee.jpgToday two news caught my attention. The first one was Indian rupeedropping to historical low of 50.69 (52 paise decline in one day) against US dollar and the other news was 30-share BSE Sensex ended at 8,427.29, down 179.79 or 2.09 %. 52 weeks back, it was closed at 8451.01. The day ended with big losses for Tata Power (-6.41%), Reliance Communications (-4.44%), Reliance Industries (-2.43%), HDFC (-2.95%) and Tata Consultancy Services (-4.44%). Both the new are highly inter-related.
The global slowdown seems to be affecting the India market also. Indian economy is now growing at a slower pace of 5.3 per cent against expectations of 6.2 per cent.
This news has also caused panic in the share market. The reason of recent depreciation of Rupee is continous capital outflow by foreign funds and increased dollar demand from importers. Also, US dollar’s gains against other major currencies of the world also weighed on the Indian Rupee. So today 52 became very unlucky for Indian economy.
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