| Weekend Special: The great Indian rupee trick |
| Vinod K Sharma / New Delhi April 28, 2007 |
| The Indian rupee is on a roll. In 37 sessions it has appreciated 8.46 per cent from Rs 44.68 to a an American dollar to Rs 40.90 on April 26. For the average investor, the severity of the move does not immediately sink in. Having seen stocks rise 20 per cent in a single session, an 8 per cent rise may not really be appreciated if it is spread over eight weeks. For the uninitiated, since the year 2000, the year-on-year change in the rupee has been in a range of 0.56 per cent to 4.9 per cent. The biggest change in the rupee-dollar equation happened between June 28 and July 4, 1991 when the rupee depreciated by 24 per cent. At that time too, Dr Manmohan Singh was on the scene, albeit in the avatar of a finance minister in Narasimha Rao |
