Indian rupee plunges to all-time low against US dollar with 0.2% drop \ stacker news ~econ

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Indian rupee plunges to all-time low against US dollar with 0.2% drop www.express.co.uk/finance/personalfinance/1913342/indian-rupee-us-dollar-all-time-low

1620 sats \ 8 comments \ @siggy47 20 Jun econ freebie

Intervention soon?

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85 sats \ 1 reply \ @Coinsreporter 20 Jun

It's not all time high. It went to 85.20 INR for 1 USD for at least a day on Nov 1 last year.

However, I'm enjoying this. Whenever somebody look at Bitcoin price in INR, he gets a feeling that this way they can get more rupees. I had done it many times before. Suppose I want to spend some good amount of fiat for a need, I first bought Bitcoin in dollars and sold them in INR. It gives like 5 to 10% extra fiat.

20 sats \ 0 replies \ @Coinsreporter 20 Jun

https://m.stacker.news/36134

I do the INR/USD conversion this way. This is a bloody kyc platform so can do it only a few times a year though. I get 90 to 92 INR for 1 dollar. Idk, if that's called a cheating, I'll continue to cheat the State..

88 sats \ 0 replies \ @OT 20 Jun

Isn't it funny how a 0.2% drop freaks everyone out in fiat land?

54 sats \ 0 replies \ @BitcoinAbhi 20 Jun

India will bounce back soon.

54 sats \ 0 replies \ @0xbitcoiner 20 Jun

Previously the Indian central bank as intervened to limit depreciation using state-run banks.

same old solution, same old result!

54 sats \ 0 replies \ @riberet19 20 Jun

If you continue at this rate there will surely be an intervention, the fact is that all fiat currencies are crap.

54 sats \ 0 replies \ @quark 20 Jun

Well if they intervene, they are doomed to fail as all interventions. It is as if the market likes to see interventions as a wounded animal and then goes to kill.

54 sats \ 0 replies \ @Satosora 20 Jun

This is kind of funny. "Some traders have said that the strength of the dollar and the weakness of the Chinese Yuan have contributed to the rupee's depreciation." They are making BRICS, and their currency is worth dog shit.