Droopy Rupee

[david44]

How not to manage a competitive devaluation

By Suvashree Choudhury and Douglas Busvine | MUMBAI/NEW DELHI
The Indian rupee fell abruptly on Thursday after a television channel reported that the commerce ministry will propose a devaluation in the unit to promote dwindling exports, but trimmed losses after a finance ministry denial.

The rupee INR=D2 weakened 0.28 percent to 67.0750 to the dollar before paring losses after the central bank stepped in to prevent a sharp fall. At 0540 GMT (01:40 a.m. EDT), it was trading at 66.9550, lower than Wednesday's close of 66.8875/8975.

The finance ministry denied that the government was discussing a possible devaluation of the rupee, whose floating exchange rate is managed by the Reserve Bank of India.

There was no truth to reports of a rupee devaluation, Shaktikanta Das, economic affairs secretary at the finance ministry was quoted by financial newswire Newsrise, a partner of Reuters, as saying.

Das also said the rupee's value was determined by the market and that there was no plan to change policy on the currency's valuation.

[VocalNeal]

Clever. Announces possible devaluation which actually causes said devaluation without any actual action being taken.

[david44]

Clever. Announces possible devaluation which actually causes said devaluation without any actual action being taken.

There's no pullimg the wood over your guise

[thaimeme]

It's all one mega-ruse.

There isn't any true reflected wealth, less this make-believe ideal of comparative currency values.