The Indian rupee is in a free fall, and the nation is aflutter.
Almost every day, Indians are waking up to alarming headlines about their currency hitting a “historic low” or a “lifetime low.” Last week, on what was dubbed “Black Friday,” the currency sank to a record level, and Indian media carried pictures of workers in Mumbai’s financial district clutching their heads in dismay.
With the country’s stock market tumbling, the rupee fell further Tuesday. It is down about 15 percent against the U.S. dollar since May — from more than 53 rupees to the dollar to more than 63.
The currency has become a powerful metaphor for India’s rapidly sliding economy. The rupee has triggered countless jokes and political mudslinging, and, like everything in India, it
has generated astrological speculation, too.
Some superstitious Indians have blamed the slump on the new symbol for the rupee, unveiled last year. Experts on vastu shastra, an ancient Indian design practice similar to feng shui, say that the symbol debuted on a day inauspicious for the stars and that the horizontal line across the symbol appears to “slit the throat” of the currency. Full story...
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Almost every day, Indians are waking up to alarming headlines about their currency hitting a “historic low” or a “lifetime low.” Last week, on what was dubbed “Black Friday,” the currency sank to a record level, and Indian media carried pictures of workers in Mumbai’s financial district clutching their heads in dismay.
With the country’s stock market tumbling, the rupee fell further Tuesday. It is down about 15 percent against the U.S. dollar since May — from more than 53 rupees to the dollar to more than 63.
The currency has become a powerful metaphor for India’s rapidly sliding economy. The rupee has triggered countless jokes and political mudslinging, and, like everything in India, it
has generated astrological speculation, too.
Some superstitious Indians have blamed the slump on the new symbol for the rupee, unveiled last year. Experts on vastu shastra, an ancient Indian design practice similar to feng shui, say that the symbol debuted on a day inauspicious for the stars and that the horizontal line across the symbol appears to “slit the throat” of the currency. Full story...
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