New Exchange Rates
GOVERNMENT has notified new exchange rates effective from 23 .08.2013 for export and imported goods. The currencies whose exchange rates continue to remain the same as notified by notification are Australian Dollar, Canadian Dollar, New Zealand Dollar, Norwegian Kroner, Singapore Dollar, South African Rand and Swedish Kroner. Two days back the new exchange rate for Pound Sterling was notified by notification , dated August, 21, 2013.
Goldman Sachs prediction came true – rupee has hit Rs.65 to a dollar and is now eager to even prove Deutsche Bank right – it would clock 70 with ease.
It appears that no one has a clue to what is going on and the only sane comment came from the Finance Minister who said that the currency is undervalued and has overshot appropriate levels. Nonetheless, he sought to assuage investors by asserting that there is no need for "excessive and unwarranted pessimism".
After all, everything is a state of mind!
Notification No. , Dated: August 22, 2013