76: The rupee fell to 76 against the US dollar on Tuesday (March 24).
- Most currencies are currently falling against the greenback. The rupee, in fact, has fared better than several others.
- The primary driver of this fall was the risk-off sentiment that has gripped stock markets across the globe.
- Foreign institutional investors (FIIs) are pulling money out of emerging markets, including India, and moving it into safe havens like US treasuries.
- Most emerging market currencies are expected to remain under pressure in the coming days.
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A few links for further reading
Invest and emigrate
The great Indian dream of settling abroad is achievable if one has a few crores to invest. Rich nations offer a variety of investment options in a quid pro quo arrangement: immigrants get a better quality of life and revenue from them helps these countries’ finances. Wealthy Indians, troubled by polluted cities and the red tape holding up entrepreneurship, may want a quick ticket out of the country. Sanjay Kumar Singh lists a range of options: from a Canadian province’s investor programme to America’s US EB-5 plan.
Small savings schemes
Investors in small savings schemes breathed a sigh of relief when the government announced on October 1 that interest rates on these instruments would not be revised for the fourth quarter of the calendar year. With the economy witnessing a slowdown, and the stock markets also turning volatile, many investors are looking for alternative avenues to park their savings. Small savings schemes, with their sovereign guarantee, have emerged as a viable alternative.
Hard path to growth
The signals for the economy are not positive: overall demand is yet to pick up; the share of total exports in India’s GDP is declining, and industrial output pattern remains worrying.