INR @ 58 to a US Dollar

The INR touched never before seen levels against the U.S. Dollar. It touched levels of 58 today. Also there is no dearth of analysts predicting further gloom for the INR. The reasons are the same which have been repeated time and again, High CAD & Fiscal Deficit coupled with policy inaction. Also sometimes there is a talk about the worldwide recession.

These factors have been present for some time now. But has the Indian Govt. thought about it seriously. Or is everyone too busy struggling to keep their powers/posts intact, which is now evident from a recent spat in one the political party for the top spot.

Whatever the finance ministry or the RBI claim about the health of Indian Economy, the way INR has tumbled against U.S. Dollar today (close to 1.5% down in a single day)

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