New Exchange Rates for Pound Sterling
WHILE everyone was busy talking about the USD, the Pound Sterling managed to stealthily breach the hundred mark two days ago. So, the Government has notified new exchange rates of Pound Sterling for export and imported goods. It was only a week ago that the rates were changed by notification dated August, 14, 2013. Interestingly, the new exchange rate notification is valid with immediate effect unlike the general practice.
As for the dollar, Deutsche Bank in a research note presented yesterday said that t he rupee could touch 70 level against the US dollar in a month's time. A few days back the global investment bank Goldman Sachs had predicted that rupee can hit Rs.65 to a dollar and which seems to turn out as true.
With the stock markets sinking along with the rupee and gold unabashedly climbing on their backs, it is only a matter of time before we have another expenditure on our hands - an early General Election, which some economists say will infuse the much needed confidence for international investors!
Notification No. , Dated: August 21, 2013