He says " For the past two months period commencing mid-March and ending mid-May 2007, it is common knowledge that the Rupee has appreciated by approximately 10% against the US dollar. However, when we benchmark the Rupee with a composite 36-currency index, it has not shown any significant appreciation as many currencies many of which are India's competitors on the global stage"
May we know what currencies you took for comparison? Because, the observation for the past 3 months show that Rupee has appreciated by upto 10% against all currencies. Let's see a few examples:
1 Euro was valued at Rs. 58.10 in Mar 2007 1 Euro is now valued at Rs. 54.30
1 Singaporean Dollar was valued at Rs. 29.00 in Mar 2007 1 Singaporean Dollar is now valued at Rs. 26.00
1 Malaysian Ringitt was valued at Rs. 12.70 in Mar 2007 1 Malaysian Ringitt is now valued at Rs. 11.50.
Please do not mislead the readers with your inaccurate stats... Rupee is marching ahead !!!!
That was not what Venkatesh intended to tell. What he meant was the japanese yen and other currencies are appreciating against the dollar and hence the competitive nature remains constant.
