Due to global reasons, there is constant pressure on the Indian rupee, due to which the Indian rupee has reached the level of 80 rupees against the US dollar. On this, Anand Mahindra, Chairman of Mahindra & Mahindra Group has given his response.
He wrote on Twitter, retweeting a New York Times report that the mighty dollar has become more powerful, but has dwindled under US influence across the globe. The dollar still remains the safest currency in the world. We (India) are in the middle in terms of devaluation of other countries’ currencies against the dollar.
The New York Times report said that the US dollar is strengthening against other world currencies and due to this the outlook of the global economy is becoming unstable. According to the data given in the report, since the beginning of this year till July 15, the Turkish currency has fallen by more than 20 percent against the US dollar. After this, the currency of Argentina, Hungary, Japan and Egypt has fallen between 15 and 20 percent. The currency of Poland, Sweden, Chile, Britain, Norway, Denmark, Euro, South Korea, Israel has been between 10 and 15 per cent. The currencies of Indonesia, India, China, Thailand, Australia and South Africa declined between 5 and 10 per cent. At the same time, the currency of Canada, Singapore, Nigeria and Mexico has fallen by 0 to 5 percent.
Four of the world’s currencies strengthened against the dollar: The report said that only the currencies of Angola, Russia, Uruguay and Brazil have strengthened against the dollar. Against the dollar, the currency of Angola has strengthened by 30 percent, the currency of Russia by about 28 percent, the currency of Uruguay by about 7 percent and the currency of Brazil by about 3 percent.
The report said that such foreign companies, which do most of their sales in the international market, are going to benefit greatly from the increase in the value of the dollar. British luxury brand Burberry says the dollar increase will increase its revenue by about $200 million. But such American companies that do most of their sales in the international market, when they convert their income in dollars, their sales may decrease.