Last year around June I had written about the dollar plunge against the Rupee. For all the Indians living in U.S, it was one of the most concerning aspect as any remittances to India were nearly 15% lower.
Most of them were expecting Rupee to keep on appreciating and break even the 35 Rupee mark against the dollar. Till December of last year that trend remained intact, however 2008 seems to have taken a sudden U turn. After a gap of more than a year Rupee has depreciated to over 40 against the dollar, much to everyone’s surprise. Although it has been range-bound for last month or so, no one seems to be talking about 35 Rupee mark that was expected to hit as per most of the analysts.
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