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The Strengthening of the Dollar
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Jan
6th 2025, Prabhat Patnaik
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The
Indian newspapers have been full of stories about the
fall of the rupee vis-à-vis the US dollar in
the last few days. Just over a month ago, on November
27, the value of the dollar was Rs 84.559; by December
29, it had risen to Rs 85.5. And this fall of the rupee
has occurred despite a running down of foreign exchange
reserves by the Reserve Bank of India to stabilise the
rupee: the reserves which had amounted to $657.89 billion
on November 22, had come down to $644.39 by December
20, and yet the fall of the rupee could not be prevented;
without the running down of the reserves the fall would
clearly have been even greater.
*
This article was originally published in the Peoples
Democracy on
January 6, 2025.
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