The Indian currency has plummeted to the last stage of its mid-life crisis. 60. Nobody likes that number: the black&white era of television, the letter grade it brings on a report card, the age to be declared a senior citizen and certainly not as the freeway’s speed limit. The country’s monetary value* is a truncated icosahedron and just how they are supposed to be; hollow on the inside. 60 once again, has proven to be a semi perfect number and the finance minister would definitely agree on this one.
The brokers are broke, the ruling party is hung-over, the central bank is tanked, the traders are taxed and the country is axed. The market recently fell 500 points and the experts, analysts, trader gurus are all calling in sick to work. Bloomberg has no bloom and more gloom on its channel, ET is just like the movie ET that leaves the watchers with a seep of weep down their faces, NDTV Profit has competitors spoofing their channel to ‘NDTV Shortage’. The market morning has now become mayhem mourning.
Being sweet sixty only means that the currency will need a hearing aid to go along the walking stick it already had, so it can listen to the country grieving over the decade’s debacle. The trembling hand of the economic condition had been stroking inflation on its expensive fur in efforts to lull it to sleep but the recent developments has now slapped it on the back, with the donkey now running frantically around the money-spinning mill.
No one is appreciating the depreciating rupee and the S&P BSE India Sensex is more like S&M on the financial burden; except its just pain and no pleasure. The central bank is not expected to burn its foreign reserves so it will most likely burn bridges that came to this road in the first place; the one less traveled. With reserves diminishing, monetary value crashing, fiscal stability quivering, the country’s Matador is luring investors with the red cape of bullfighting-except he forgot that at the moment, inflation is more like the bull in a China shop.
* against the US Dollar
**The title is hereby published with all due respect to the Indian Currency