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Tuesday, Jan 07, 2003

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Depreciating dollar

Recently most newspapers have reported that the Indian Rupee is appreciating. This is wrong. The truth is that the US dollar has been depreciating and, hence, it looks as if the Indian rupee has appreciated. Now, $1 gets a rupee less when converted. This is because the US dollar has depreciated by about 2 per cent.

Moreover, the Indian rupee has not appreciated against other currencies, for instance, one Singapore dollar gets about one rupee more than before. Therefore, newspapers should report of the depreciating dollar instead of the "appreciating" rupee. Also, in such a situation, an exporter should get more US dollars for his products.

Singharan

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