currency market in india

7/30/2019 currency market in india

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Institute

ofTechnology

and

Management


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Topic:

Indian

CurrencyMarket

Presented to :

Kashyap Sir


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Presented By:

ATUL VAGAL 03

ADITYA JAMBHEKAR 07

PRAFUL AMBRE 10ANKITA SHAH 20

SNEHA PATEL 37


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ACKNOWLEDGEMENT

We sincerely thanks KASHYAP SIR, for giving us

such an interesting topic. While working on this

project we got a lot of knowledge regarding the

INDIAN CURRENCY MARKET

We gratefully acknowledge and express deep

appreciation to many people who have made this

project possible and visible. Thank you for your

review, comments, corrections and suggestions that

have enormously enriched our project.


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Introduction

Derivative are financial contract whose value is determined from one ormore underlying variables, which can be a stock, a bond, an index, an

interest rate , an exchange rate etc.

Currency derivatives can be described as contract between sellers andbuyers whose values are derived from underlying which in this case is theexchange rate

Foreign exchange rates, like any other asset class move depending onvarious factors, like demand supply, interest rate parity, trade and capitalflows, speculators taking positions, clients hedging risk arising from theirtrade and capital flows etc.

Based on the evolving needs of the market place, NSE introduced tradingin exchange traded Currency Derivatives contracts on August 29, 2008.NSE launched USDINR contracts in currency derivatives segment. Theproduct had an impressive debut and has shown consistent growth sinceinception. Within the span of a year and half the volume crossed the markof USD 4.3 billion.

In the context of growing integration of the Indian economy with the rest ofthe world and a continuous demand for currency derivatives in othercurrencies, Securities Exchange Board of India and Reserve Bank of Indiahave permitted trading in futures contracts on new currency pairs. NSEtherefore now introduces trading in currency futures based on Euro(EUR)-INR, Pound Sterling(GBP) - INR and Japanese Yen (JPY) - INR exchangerates in addition to the existing USDINR contracts.


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Contract Specification

Symbol USDINR EURINR GBPINR JPYINR

Market Type N N N N

Instrument Type FUTCUR FUTCUR FUTCUR FUTCUR

Unit of trading

1 - 1 unitdenotes1000 USD.

1 - 1 unitdenotes1000EURO.

1 - 1 unitdenotes 1000POUNDSTERLING.

1 - 1 unitdenotes100000JAPANESEYEN.

Underlying / OrderQuotation

Theexchangerate in

IndianRupees forUS Dollars

Theexchangerate in

IndianRupees forEuro.

The exchangerate in Indian

Rupees forPoundSterling.

The exchangerate in Indian

Rupees for100 JapaneseYen.

Tick size 0.25 paise or INR 0.0025

Trading hoursMonday to Friday9:00 a.m. to 5:00 p.m.

Contract tradingcycle 12 month trading cycle.

Last trading day Two working days prior to the last business day of theexpiry month at 12 noon.

Initial margin SPAN Based Margin

Extreme loss margin

1% of MTMvalue ofgross openposition

0.3% ofMTM valueof grossopenposition

0.5% of MTMvalue of grossopen position

0.7% of MTMvalue of grossopen position

Settlement

Daily settlement : T + 1

Final settlement : T + 2Mode of settlement Cash settled in Indian Rupees

Daily settlement price(DSP)

Calculated on the basis of the last half an hour weightedaverage price.


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Current chart of USDINR


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Rupee depreciation cause and effects

Rupee depreciates by over 16% to an all time low of 61.82 againstthe dollar

Well looking at the current situation of the depreciation of the Indianrupee against the dollar the questions that strike my mind are thatwhat has caused such depreciation wherein rupee jumped from the52 mark to 61.82 in a 4 month period and what have been the effectsof such a depreciation on the health of Indian economy and theIndian industry.

Talking about the reasons for the depreciation of rupee a series ofactivities have led to the current scenario. Since the great depressionof 2008, the Indian economy had been continuously slowing down.IIP index had been falling and the growth had been perpetuallyshrinking. All industries were suffering losses and the rate ofunemployment in the nation increased. The basic fundamentals of theeconomy had been vexatious. However, Indians kept on importingfrom the world market. The high import of gold and crude oil in such asituation burdened the current account deficit and caused it to rise to

unreasonably high level of 6.8%. This weakened the Indian positionin the international arena. Foreign Institutional Investors (FIIs) lostfaith in the Indian economy and started withdrawing money from theIndian markets. Foreign entrepreneurs reduced Foreign DirectInvestments (FDIs) in the Indian industry. Thus, the valuable forexwhich was required to finance the current account deficit did not flowin the system which further worsened the deficit. The major event thattriggered the rupee to depreciate by such a pace was the statementof the US Federal Banks chairman Mr. Ben Bernanke wherein he

expressed the unwinding of the bond purchase programme in the US.The US had been printing money to bolster its economy. Now withthe revival of the economy the Chairman plans to unwind theprogramme. This statement led to unrest in the US economy and theUS investors started withdrawing money from the overseas market.With the increased demand of dollar, the prices of dollar in the globalmarkets rose and the prices of all other currencies weakened against


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the dollar, among which rupee was one. But because of the alreadyexisting current account deficit and reduced growth the Indiancurrency was badly hit. Rupee came to an all time low of 61.08against the dollar.

This depreciation of the Indian rupee has impacted the government,the industry and the individuals of the nation. With the depreciation ofrupee the imports have become costlier and thus importing crude oilbecomes a burden. With every single value fall a burden of Rs.9000crores is created on the government in the form of subsidy. This hascaused the fiscal deficit of the government to increase. At the industrylevel the cost of borrowing has been increased for the companieswhich had taken foreign loans. The increased liability has burdenedcompanies which now resort to retrenchment to cut down

expenditure. This has led to unemployment in the economy. Furtherwith depreciation, the prices of imported raw material and technologyhave increased which has caused the overall costs of the companiesto increase. At the individual level the prices of all imported goodshave increased. Students going broad to study now have to shed20% extra for every dollar. This has caused the cost of foreignstudies to increase which burdens the Indian families.The Government of India, RBI and the Finance Ministry have taken alot of measures to solve the menace. The import duty on gold hasbeen raised to 8% against the original level of 2% to curb the importsof gold in the nation. According to P Chidambaram India has imported1017 tonnes of gold in 2013 and he targets to bring it down to 700tonnes. The interest rates have been increased by the RBI governorto reduce the supply of rupee in the market. This will also ensure thatthe much needed foreign investments flow in the economy andinflation is checked. RBI also announced open market operations of12000 crores to restrict the supply of Indian rupee in the market.Government also plans to increase the cap of FDI in various sectorslike insurance, defence and retail to attract foreign investors. The

conditions which were imposed on Walmart to enter India have nowbeen withdrawn by the government so that it enters India as soon aspossible and bring with it the direly required FDI. The finance ministryis also considering the option of bond issue so as to arrest dollarsfrom the market.


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Well, according to me apart from the measures already taken thegovernment should now concentrate on increasing exports. SEZsand export houses should be given liberations so that they can selltheir product in the market. Loans should be made cheaper for theseorganisations so that there cost of borrowings reduces enabling themto produce at competitive rates. Power and fuel costs should bereduced for them so that their overall cost of production falls. Furtherspecial tax rebates should be given to them. These measures willensure that the Indian goods become cheaper in the internationalmarket which will hence trigger the exports of the Indian products.The government should ensure that trade mispricing is controlled andno one indulges in over or under invoicing to earn superior profits.Proper system should be implemented to by the ministry to keep acheck on it. Further, the smuggling of gold should be checked in the

nation as with the increase in import duty the act of smuggling hasincreased. Custom officials should become stricter with the normsand the various regulations.

The rupee menace should be systematically tackled by the Indiangovernment and RBI or else it will soon cause the Indian economy tobreak down. The world will lose faith on the nation and the entireindustry will suffer a huge a setback.


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Steps taken by RBI

RBI takes further step to stem rupee's slide against USD

As expected the Reserve Bank of India (RBI) further curbed the availibilityof funds (liquidity) in the markets to stem the rupee's free fall against theUS dollar. The central bank will now auction the government of India cashmanagement bills (CMBs) to raise Rs 22,000 crore on every Monday.

What is Cash Management Bill (CMB)?

It is a kind of short-term debt market instrument, which can be issued bythe Union government on ad hoc basis for maturities of less than 91 days.The only difference between treasury bills and CMBs is maturities. T-billscan be upto one year.

For the last couple of weeks, the RBI has been conducting auctions ofCMBs. Last Monday itself, it mopped up Rs 3,000 crore through seven-day-CMB with a cut-off yield at 9.926 percent.

"Over the last two months, RBI has instituted several measures to containthe volatility in the foreign exchange market. On a review of the impact ofthese measures and for effective liquidity management, it has beendecided that the RBI will auction Government of India CMBs for a notifiedamount of Rs 22,000 crore once every week on Mondays," the Apex banksaid in a release on Thursday.

First auction on August 12

Next Monday, RBI will sell CMBs of 35 and 34 days, maturing onSeptember 17, 2013. The notified amount is Rs 11,000 crore each issue.

How will it work?

RBI wants to suck out excess liquidity from the banking system. This willhelp stop speculative trading in the currency market. Speculators are not


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likely to play their game borrowing money from banks. Cash flows will belimited after this CMB move, traders said.

"It will definitely impact the exchange rate and drive the rupee to rise above60," Moses Harding, the executive director - Lakshmi Vilas Bank toldmoneycontrol.com.

"The move will discourage forward import covers while encouraging thesame for export covers. The central bank wants to keep short term rateselevated. If sovereign instruments give higher rates, other short termpapers will be subscribed at a minimum premium of 50 basis points overand above that. Banks are already paying 10.25 percent in MSF," he said.

It is widely alleged that many importers are buying dollars to book long term

forwards. They are clung to idea that the US dollar will rise further againstthe rupee. This speculative nature collectively aggravating the rupee slideagainst the US dollar. A contraction of fund flows will squeeze this practice.

Impact.

Next Monday, the CMB cut-off yields are expected to be around 11 percentas against 9.92 percent in the previous auction held on August 6. The 10-year (7.16 percent) government bond yield is likely rise 10-15 bps from8.15 percent, recorded on Thursday, traders said.

Banks which issue and subscribe certificate deposits may have to payhigher rate there. CD rates would quote higher than sovereign papers,guaranteed by the government with no chance of default.

On every auction, RBI declares a cut-off yield, above which auctionparticipants are not allowed to quote.

Rupee slide

The Indian rupee dropped more than 7 percent to close at 60.88/USD onThursday. Earlier, the RBI had issued a raft of measures to tighten liquidityin the market so that it creates demand for rupee-funds and thereby, bringstability in the rupee-dollar rate.

Past measures


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In July this year, the central bank had raised the Marginal Standing Facility(MSF) rate by 100 basis points to 10.25 percent. MSF is one type of RBIwindow wherein banks can borrow overnight. Later, the RBI capped banks'borrowing to 0.50 percent of individual total deposits (or net demand andtime liability as it is known in banking parlance). That essentially meant,banks would be able to borrow around 32,000 crore in total from the repowindow at 7.25 percent.

Besides, it had put curbs on gold imports while conducting open marketoperations of government bonds.


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Rupee depreciation: Indian IT cos like Infosys,TCS and Wipro finally have something to cheer

about

The Indian technology sector, hobbled by concerns over the USimmigration bill, margin pressure due to rising employee and visa cost,lower growth, and deprecation of the rupee, may finally have something tocheer.The rupee has depreciated 9.87%, or Rs 5.35, against the dollar since April

this year. According to analysts, this might translate into gains in operatingprofit by 100 to 250 basis points for the Indian technology companies.

Since Indian IT firms do a lot of back-office jobs for overseas entities, theyget a substantial chunk of their revenue from the US. So, a rise in the dollarwould translate into more revenue for them in rupees.

Also, the Indian technology companies, with the deprecation of thecurrency, are now better placed in global competitive markets to bidaggressively for overseas contracts at a lower price and pass on thebenefits to clients. However, despite the positives, the Indian softwaremajors are still worried about the immigration reform bill, underconsideration in the US Senate, and if passed, it could potentially hit Indianoutsourcing firms with higher visa fees, and eventually rise in employeecost.

"At present, the technology sector is being treated as a defensive bet. Butthe sector is likely to get re-rated as US discretionary spend is seenincreasing due to improvement in corporate earnings," said Sonam Udasi,head of research at IDBI Capital.

"We expect order flow for companies such as TCS, Infosys, Wipro,and HCL Tech to improve. The technology sector will be preferred byportfolio managers as the risk downside is limited," Udasi added.

Around 52% of Tata Consultancy Services' business is centredaround North America, while Infosys earns 63% of its total revenue fromthis region. These companies are likely to benefit most from the currencydeprecation, according to analysts.
http://economictimes.indiatimes.com/topic/IDBI%20Capitalhttp://economictimes.indiatimes.com/hcl-technologies-ltd/stocks/companyid-4291.cmshttp://economictimes.indiatimes.com/topic/North%20Americahttp://economictimes.indiatimes.com/infosys-technologies-ltd/stocks/companyid-10960.cmshttp://economictimes.indiatimes.com/infosys-technologies-ltd/stocks/companyid-10960.cmshttp://economictimes.indiatimes.com/topic/North%20Americahttp://economictimes.indiatimes.com/hcl-technologies-ltd/stocks/companyid-4291.cmshttp://economictimes.indiatimes.com/topic/IDBI%20Capital


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"We upgrade Wipro to 'buy' from 'hold' due to attractive valuations. We alsolike HCL Tech among the Tier-I vendors, and prefer NIIT Tech andHexaware among the Tier-II companies," said Ashish Aggarwal, analyst atTata Securities.Last time, when the Indian rupee depreciated substantially in the secondhalf of fiscal year 2012, the margin performances of Indian technologycompanies were mixed.While margins of Tier-I companies' did not improve much, Tier-II vendorsfared better. Analysts expect the same trend, this time round too. Tier-IIndian technology companies such as Infosys, TCS and Wipro are likely toplough back gains from the rupee depreciation into their respectivebusinesses
http://economictimes.indiatimes.com/wipro-ltd/stocks/companyid-12799.cmshttp://economictimes.indiatimes.com/topic/Indian%20rupeehttp://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cmshttp://economictimes.indiatimes.com/topic/rupee%20depreciationhttp://economictimes.indiatimes.com/topic/rupee%20depreciationhttp://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cmshttp://economictimes.indiatimes.com/topic/Indian%20rupeehttp://economictimes.indiatimes.com/wipro-ltd/stocks/companyid-12799.cms


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Effect on Infosys

Rupee fall to cushion wage hike impact at Infosys

After touching a 52-week high of Rs 3,010 on Mar 7, 2013, Infosys slipped

nearly 27 per cent to around Rs 2,200 levels by April-end. Investors

dumped the stock after its fourth quarter numbers revealed a meagre 3.4

per cent year-on-year growth in net profit at Rs 2,394 crore and a revenue

forecast of 6-10 per cent for FY14, lower than Nasscom's industry growth

projection of 12-14 per cent.

However, a lot has changed since then. While the rupee's slide against thedollar brought some cheer to information technology (IT) firms at the

bourses, Infosys in particular was back in the reckoning after its co-founder,

N R Narayana Murthy, returned to the company as executive chairman at a

time when the morale of the firm's management was at an all-time low.

While Infosys struggled to cope up with these challenges, most of its peers

- both in the large- and the mid-cap universe - managed to ride out the

storm. US-listed Cognizant, for instance, overtook Infosys, once consideredan IT bell-weather in terms of revenues.

Since April 26 when the stock hit a low of around Rs 2,200, it has been an

outperformer - moving up nearly 8.5 per cent till date, compared to 1.07 per

cent fall in the CNX Nifty and 6.9 per cent rise in the S&P BSE IT index.

In a latest move, the company has announced an 8 per cent wage hike for

its employees in India. Employees located in other geographies who were

not given wage hike in February this year, will also get covered in this

cycle.

They would be given an increase of about three per cent in average. Theincrements will be effective July 1. However, for its global sales force, thechanges will come into effect from May 1, Infosys said in a statement.
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Impact

At the beginning of the financial year, however, Infosys had highlighted itwill be looking to change the wage structures to get a balance between

fixed compensation and variable compensation. The changes wereexpected to be cost-neutral for the firm, with headwinds to margins comingfrom those given in the middle of last year.

Analysts at Motilal Oswal Securities expect the wage hike decision toimpact earnings before interest, taxes, depreciation and amortisation(Ebitda) margin by 150 basis points (bps).

At our revised assumption of Rs 56 per dollar in FY14, the impact is

almost fully offset by wage hikes. Our earlier EBIT (earnings before interestand taxes) margin for FY14 was 24.1 per cent, which remains unchangedfollowing this announcement, on the back of revision in our currencyassumption to Rs 56 per dollar for both FY14 and FY15, versus earlierassumption of Rs 54, they point out in a report.

We see most of the IT companies benefiting, as the rupee realisations

improve significantly due to transaction gains. However, HCL Technologiesand Infosys should benefit more than TCS and Wipro, as they would likely

book the margin gains due to rupee depreciation, says a recent DeutscheBank strategy update report.

Sandip Agarwal, Omkar Hadkar and Deepansu Jain of Edelweiss suggestthat the recent move to bring back Murthy along with other organisationalchanges and the wage hike announcement are steps in the right direction.While we are not changing our estimates owing to this single event, welike to note that the wage hike being effective a quarter earlier (Q2FY14versus Q3FY14), our current FY14E Ebitda margin (28.3 per cent) declines

by around 40 bps. Maintain BUY/Sector Outperformerrecommendation/rating with a target price of Rs 2,928, they mention in areport.

We have an OW (overweight) rating on Infosys with a March 2014 price

target of Rs 2,700. Our price target is based on a one-year forward P/E(price-earnings ratio) multiple of 15x, at a modest discount to TCS target


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multiple of 17x, point out Viju K George and Amit Sharma of JP Morgan intheir June 9, 2013 report.

Infosys reaches 5-month high, plunging rupee to become a booster

The positive comeback for Infosys continues post NR Narayana Murthysreturn as Executive Chairman of the IT major. Infosys shares surged theirhighest mark in nearly five months after brokerage major CLSA gave apositive feedback saying that it may gain another 10 per cent from currentlevels.

Infosys is a medium term opportunity for investors, CLSA said. Thebrokerage major also said that the sliding rupee in the current fiscal yearwill come out as a booster for the software giant. Since the rupee plunged

to all-time low and have depreciated over 9 per cent since May, it can havea significant impact on the revenue since depreciating rupee will encourageexports.

Infosys shares climb 9% after Narayana Murthys returnEarlier in June its Shares jumped more than 8 per cent in pre-open trading.

The return of Murthy seems a driver for Infosyss stock price in near term.
http://www.niticentral.com/2013/06/03/infosys-shares-climb-9-after-narayana-murthys-comeback-84923.htmlhttp://www.niticentral.com/2013/06/03/infosys-shares-climb-9-after-narayana-murthys-comeback-84923.htmlhttp://www.niticentral.com/2013/06/03/infosys-shares-climb-9-after-narayana-murthys-comeback-84923.htmlhttp://www.niticentral.com/2013/06/03/infosys-shares-climb-9-after-narayana-murthys-comeback-84923.htmlhttp://www.niticentral.com/2013/06/03/infosys-shares-climb-9-after-narayana-murthys-comeback-84923.html


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Infosys, for years an investor favourite for exceeding its earnings targets,has struggled in the past two years as big customers in the United Statesand Europe cut costs and rivals such as Tata Consultancy Services andHCL Tech take away market share

Top five factors why rupee will appreciate vs USD in 2H2013: DeutscheBank

NEW DELHI: Indian currency breached its psychological level against the

dollar, fueling fears of more weakness and its possible impact on India Inc

and importers.

However, Deutsche Bank in its latest report said that the Indian currency

will recover in the second half of 2013 supported by the government ofIndia's divestment programme as well as monetary easing by the Reserve

Bank of India (RBI).

Domestic and global factors are threatening to push the Indian rupee to

historic lows, making the import of crude oil and coal more expensive.

History suggests that four times since 2008 there have been instances of

fears about the rupee-dollar exchange rates disorderly movement. Eachtime, the episodes were triggered by the rupee heading toward another all-

time low against the USD.

For the year 2013, along with an EM FX sell-off, the rupee has lost 4 per

cent of its value against the USD over May-June 2013, testing the "all-time

low" again.

"The important thing to note here is that in the 2008 and 2013 sell-offs, the

rupee depreciated along with its peers as global risk aversion spiked," the

global investment bank highlighted in its report.

"In contrast, during the 2011 and 2012 episodes, the rupee was an outlier,

showing particular weakness due to its own vulnerabilities while the rest

Asian FX rates remained broadly stable," added the report.


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The rupee has depreciated considerably against the USD since early 2008;

its 30 per cent correction is indeed the highest by far among any Asian

currencies. However, this should not be surprising, given the period has

been associated with high inflation, declining growth, and a burdensomecurrent account in need to hefty financing.

Deutsche Bank highlights five factors why the rupee should appreciate

against dollar in 2H2013:

Falling Inflation: Inflation has been declining rapidly, pushing up real

interest rates and increasing the attractiveness of investing in rupee assets.

Current Account Deficit (CAD): Current account is likely to correct

substantially as the cost of importing gold and oil is declining, weak growth

and policy measures are lowering import demand, and rising real interest

rate is reducing the need to hedge against inflation through capital flight.

Divestment Program: Inflows outlook is broadly positive with a number of

disinvestment programs in the pipeline, and a rate cut cycle, the only one in

a major EM economy is likely to keep fixed income investors interested.

Risk Aversion: Global risk aversion and associated sell-off are likely to

abate as Deutsche Bank believes the ongoing concern about the end of QE

has already caused the markets to overshoot.


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Weak rupee strengthens Infosys' revenue guidance

Indian global software major Infosys Friday projected a higherrevenue (13-17 percent) for this fiscal (2013-14) on a weakening rupeein a volatile currency market, though the outlook remains same (6-10percent) in dollars.

"Our consolidated revenue is expected to grow 13-17 percent year-on-year(YoY) in rupee terms this fiscal (FY 2014) and 6-10 percent YoY in dollarterms, as the rupee depreciated about 10 percent during first quarter (April-June)," Infosys chief executive Rajiv Bansal told IANS here.

For last fiscal (2012-13), the company posted 7.4 billion revenue in dollarterms, registering an increase of 5.8 percent YoY, and 40,352 crore inrupee terms, up 19.6 percent YoY.

The rupee weakened to $59.39 from $54.30 during the quarter (Q1) underreview for the IT bellwether.

The upward revenue guidance in rupee propelled the company's blue chipscrip (Rs.5 per share) by 11.20 percent to trade at Rs.2,809.75 in theafternoon session on the bourses from an opening price of Rs.2,779.40and Thursday's closing price of Rs.2,526.75, gaining a whopping 283points and reversing its declining trend in the past few quarters.

"Despite facing an uncertain macro environment, changing regulatoryregime and volatile currency environment, we have done well in Q1 (firstquarter) and are cautiously optimistic about the rest of the year," Infosys

chief executive S.D. Shibulal said in a statement after the companyannounced its financial results earlier in the day.

The IT bellwether has, however, discontinued the practice of givingrevenue outlook for the three-month quarterly period since a year.

The company posted Rs.2,374 crore net profit for the quarter under review,


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registering 3.7 percent increase YoY from Rs.2,289 crore but fractionally(0.8 percent) lower sequentially from Rs.2,394 crore.

Consolidated revenue, however, increased 17.2 percent YoY to Rs.11,267crore from Rs.9,616 crore year ago and 7.8 percent sequentially fromRs.10,454 crore.Under the International Financial Reporting Standard (IFRS), net income at$418 million was fractionally (0.5 percent) up from $416 million year agobut 5.9 percent lower sequentially from $444 million.

Similarly, revenue grew 13.6 percent YoY to $1.99 billion from $1.75 billionand 2.7 percent sequentially from $1.94 billion.

The company and its subsidiaries added 66 clients during the quarter,

taking the total number of active clients to 836 from 798 quarter ago andyear ago.

"We had a volume growth of 4.1 percent, while pricing remained stable inconstant currency but came down marginally (0.7 percent) in volatilecurrency," Shibulal said.

Admitting that discretionary spending remained very challenging, the chiefexecutive said the company was, however, optimistic on growth comingback as evident from seven large outsourcing deals it had signed duringfirst quarter in $50-100 million range.

Though the company hired 10,138 employees during the quarter, the netaddition was only 575, as a whopping 9,563 techies left since April, takingits attrition level to 16.9 percent on annualised basis, which is the highest inthe recent past.

The total number of employees went up marginally to 157,263 from156,688 quarter ago and year ago.


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Conclusion

The rupee menace should be systematically tackled by the Indian

government and RBI or else it will soon cause the Indian economy to break

down. The world will lose faith on the nation and the entire industry willsuffer a huge a setback.


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THANK

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currency market in india