• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Indian Rupee Collapses By Most In Over 20 Years

Tyler Durden's picture


UPDATE: It would appear Abe got a late-afternoon phone-call to sell some JPY and buy some Indian 10Y bonds... (since Traders have not seen the RBI intervene directly - or thru local banks)


From a weak open, the Indian Rupee has now plunged a stunning 3.88% today. This is the largest single-day drop in the Rupee's value since March 1993. The Indian people have lost 30% of their global purchasing power since March 2013 (though those who swapped their paper wealth to gold have seen their purchasing power rise 6% in Rupee terms). With Gold in Rupees having broken to a new all-time high, it would seem the government has little choice but to lease its gold (no matter how vehemntly they deny the fact).

The Rupee's largest single-day drop since March 1993...


as Gold (in Rupee terms) surges to a record-high...


and Gold (in USD terms) is breaking out... $1428.47 (gold now at a three-and-a-half month high)


Charts: Bloomberg

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