Rupee has nosedived into 58.15 levels during close today.
I was so so happy to see the Rupee tumbling. In a way I feel sad for wanting our Rupee to crash. But on the other hand, given the idiotic way this country is being run, I would really like to have some sort of catastrophe so that people understand the ground reality the mend their ways.
Inspite of all this one broker media has come up with a paid article and still the stupids want rate cut from RBI. Poor RBI. They are caught between the devil and the deep sea.Now RBI with its dwindling dollar reserves bite the bullet? I presume not. But strange are the ways Indian system works. RBI may be forced into act against its wish.
Actually devil inside me tells that RBI should cut the rates so that the inflation flares up again and I wish the crisis should accelerate further so that downgrade comes from ratings agency.
Let us see what happens next..
I think in the immediate future ( 1 -3 days) RBI will come up some desperate measures to stem the fall. But having exhausted all its options it would be interesting to see what RBI will do.
Funnily finance secretary said that market panic is not warranted. As I see market is not panicked but government is. Government it seems runs to RBI and last heard there was hectic discussions. RBI is being cajoled into to do some nasty act. I know anyways desperate times needs desperate measures.
But the real estate economy for the real estate people by the real estate people is doomed to fail
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