Indian rupee exchange rate
What explains the almost 25 per cent depreciation in the Indian rupee vis-À-vis the US dollar in a matter of about ten months?
Pradeep Raparia, Jaipur
The prime reason is demand for the dollar in India. And during the last couple of months there has been a huge surge in demand for dollars, ironically by the American financial institutions operating in the Indian bourses as FIIs.
They are busy selling their shares thus causing upheavals both in the stock and currency markets. They have repatriated around $15 billion in the last couple of months adding to our woes.
One hopes that the Indian rupee would claw back when pressure from FIIs abates. The oil prices have been coming down and this should cool down the demand for dollars thus easing the pressure on the rupee.
Moumita Bakshi Chatterjee
If the depreciating rupee is aiding the export-oriented software and IT services industry, it is having a dramatically contrary effect on the hardware sector. This year, the PC industry has initiated at least two rounds of price hikes across various product categories such as desktops, laptops and select peripherals. Add to that the general weakness in demand in the SME segment and troubled retail and BFSI space, and the going is anything but easy for the IT hardware ind ustry. But Ajai Chowdhry, Chairman and CEO of HCL Infosystems believes that while people are exercising some caution while buying, the company’s distribution business in the digital lifestyle arena, as well as its exposure in ‘defensive sectors’, are unaffected by the general slowdown. In fact, Chowdhry sees the IT hardware industry growing at 15-18 per cent this fiscal. eWorld caught up with Chowdhry recently to find out more about the mood in the Indian hardware industry and the impact of the overall slowdown on IT spends and demand. Excerpts:
The new exchange calculator, or, An assistant to checking calculations of Indian exchange on England, at rates progressing by 1/32 of a penny, from 1s. 10d. to 2s. 2d. per rupee
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