Monday, October 26, 2020
Home Economy and Finance Rupee is stronger today vs Euro, British Pound, Canadian and Australian Dollars

Rupee is stronger today vs Euro, British Pound, Canadian and Australian Dollars

Around this time last year, the anti-Modi brigade had coalesced around a certain narrative: that the Indian economy is in terrible shape. One JNU economics professor, in an interview published in Scroll, even argued that India was facing “economic collapse.”

Untitled.png
JNU professor calling it an ‘economic collapse’

A year since that time, India’s GDP growth stands at a sparkling 8.2%, the envy of the world. We are the fastest growing economy, after all.

Want to hear a scary story? The JNU professor who predicted a collapse of the Indian economy is still employed at JNU, presumably drawing a salary at expense to the taxpayer, and presumably imparting his magical economic wisdom to a whole new generation of young students.

So what does the anti-Modi brigade, much chastised by the reality of the Indian economy, do next? They grasp at straws, seizing on the recent weakness in the Indian Rupee versus the US Dollar.

So how do we judge whether the Indian currency is really weaker today than it was under ‘great economist’ Dr Manmohan Singh?

The truth, as you will see, is that the Rupee is stronger today versus most major currencies than it was under UPA (all currency graphs generated from http://www.xe.com)

Let’s begin with the EURO. Here is the 10-year chart:

Untitled.png

Just see the rising red line of the UPA disaster from 2009 to 2014. This is what Dr Singh did to the Indian Rupee. At one point, the Euro was trading at nearly Rs 92 under his rule. Today the Euro is around Rs. 84.

Next, we come to the British Pound, another big global reserve currency other than the US Dollar and Euro.

Untitled.png

A nearly identical graph, showing the disaster that was Manmohan Singh. At one point under him, the British pound touched almost Rs 107. Today it trades at about Rs 94.

Let us now take a look at other major Western economies: Canada and Australia. How has the Indian Rupee fared compared to them?

Let’s start with the Canadian Dollar (CAD). Let’s put up a 10-year chart and just look…

Untitled.png

Breathtaking! Just see the Rupee nosedive under Dr Singh!

The increasing strength of the Indian Rupee under Modi is so obvious here that you would have to be a JNU economics professor to not see it.

The same story is repeated with respect to the Australian Dollar (AUD).

Untitled.png

Again the 10-year chart shows the absolute carnage of the Indian Rupee under Dr Singh and the way Modi govt shepherded our currency and gave it strength.

Okay, next. What about the Japanese Yen? Could Dr Singh, with his fancy economics degrees, have outperformed Modi here? Let’s find out.

Untitled.png

Okay, so Dr Singh still lost, just not as badly as he did with respect to the Euro, British Pound, Australian and Canadian dollars. Under Dr Singh, the Japanese Yen traded at a high of 72 paise, while it is around 64 paise today.

A defeat for UPA again, just not as shattering as its other defeats. Being the charitable person that I am, I’ll put this down as a ‘moral victory’ for Dr Singh!

Next. Let us look at India’s peers in emerging economies, the so-called BRIC group. Let’s start with the Brazilian Real.

Untitled.png

No competition for Modi here. Brazil, once seen as a competitor to India during the years of Dr Singh, has been left behind in the dust.

Next, we come to the Russian Ruble. This one is a feast for the eyes.

Untitled.png

Oh! It is almost like the great nation of Bharat was limping along from 2009 to 2014, not knowing what it was really capable of. Then, some magic happened in 2014 and immediately the whole nation took a quantum leap forward into a much stronger future!

The sort of quantum leap that you might expect if the nation was suddenly pulled out from under a clueless tea-seller and thrust into the able hands of a world-renowned economist PM!

But that’s not all!

I saved the best for the very of end. The chart for the Chinese Yuan.

Untitled.png

See the rock-like stability of the Indian Rupee vs Chinese Yuan under Modi. And just see what Dr Singh did to it. See the years when the Yuan soared and the Rupee collapsed under UPA.

Can there be a more stinging indictment of the way UPA ran our currency into the ground? And now they use their minions in the media, intellectual and academic ecosystem to taunt Modi for the USD vs INR conversion rate.

In these charts, I’ve gone all around the world: all over the West (Euro, Pound, Canadian Dollar, Australian Dollar) to emerging markets (Russia and Brazil) and to Asian giants (China and Japan). Modi has outperformed Dr Singh in every single one of them, often by massive margins.

So what is happening with the US Dollar and the Indian Rupee? It is now clear that it is the US Dollar which is stronger and not the Rupee which is weaker. If there was some problem with our economy, the Rupee would have been hammered with respect to other currencies around the world, not just the USD.

Now that we have established this, I am going to take the argument of Indian liberals to its only logical conclusion. They are not going to like it one bit.

This is the data, whether liberals like it or not. Of course, liberals have been known to advocate for “narrative” instead of “fact” (or mahaul over data) and this would be a good time for them to repeat those arguments.‘

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

Abhishek Banerjeehttps://dynastycrooks.wordpress.com/
Abhishek Banerjee is a math lover who may or may not be an Associate Professor at IISc Bangalore. He is the author of Operation Johar - A Love Story, a novel on the pain of left wing terror in Jharkhand, available on Amazon here.  

Related Articles

Trending now

Bhim Army chief Chandrashekhar Azad claims convoy fired upon in UP, fails to mention scuffle was with AIMIM: Read details

Members of Chandrashekhar Azad's Bhim army and Azad Samaj Party were in a scuffle with AIMIM members, both claiming that their life was threatened

After Turkey President Erdogan says Macron ‘needs treatment’ over attitude to Muslims, Pakistanis trend #boycottfranceproducts on Twitter

Pakistani bots putting their weight behind Turkey president Erdogan's call of 'giving treatment' to French President Macron.

India Today releases a squint eyed statement, pats itself in the back for paying Rs 5 L to the court in TRP manipulation case,...

India Today has released a statement on the current TRP scam and it makes no sense.

“Allah will burn this woman in Hell”, Islamists attack TMC leader Nusrat Jahan for participating in Durga Puja

"You are the descendant of Satan -Evil. Don't you feel any shame for doing such dirty things?" an extremist commented on Nusrat Jahan for participating in Durga Pujo.

Times Now asked to air apology to Rahul Gandhi fangirl Sanjukta Basu for calling her ‘Hindu hater’, “We won”, she tweets

The directive to Times Now comes 19 months after Basu had filed a complaint with the NBSA.

Recently Popular

‘He supplies drugs and girls’: Estranged wife of Mahesh Bhatt’s nephew Luviena Lodh alleges harassment by nephew-uncle duo

Luviena Lodh said that Mahesh Bhatt is the don of the industry, and he controls everything that goes on in the film industry

Maharashtra Police arrests Twitter user Sameet Thakkar over ‘Baby Penguin’ remark against Aaditya Thackeray

Twitter user Sameet Thakkar from Nagpur has been arrested for posting derogatory tweets against the Thackerays.

“Allah will burn this woman in Hell”, Islamists attack TMC leader Nusrat Jahan for participating in Durga Puja

"You are the descendant of Satan -Evil. Don't you feel any shame for doing such dirty things?" an extremist commented on Nusrat Jahan for participating in Durga Pujo.

France: Charlie Hebdo cartoons projected on government building to express solidarity with deceased teacher who was beheaded by Islamic terrorist

Days after the barbaric beheading of teacher Samuel Paty on the streets of Paris by a terrorist for showing the cartoons of Prophet Mohammad to his students, support continues to pour in for the deceased teacher.

Kerala: Photographer Dia John depicts Hindu deity as smoking weed, deletes picture after outrage

Kochi-based Mukkootil Bhagavathy temple had filed a complaint against Dia John for hurting Hindu religious sentiments
- Advertisement -

Uddhav Thackeray addresses Dusshera Mela by throwing Hinduphobic ‘Gaumutra’ jibes at former ally BJP

The 'Gaumutra jibe' is often used by left-liberals and radical Islamists to demean Hindus, who disagree with their narrative.

Bhim Army chief Chandrashekhar Azad claims convoy fired upon in UP, fails to mention scuffle was with AIMIM: Read details

Members of Chandrashekhar Azad's Bhim army and Azad Samaj Party were in a scuffle with AIMIM members, both claiming that their life was threatened

After Pakistani bots, Pakistani Prime Minister now attacks French President Emmanuel Macron for calling out radical Islam

Pakistan PM Imran Khan said that Muslims react violently to alleged blasphemy because he Prophet lives in their hearts

Kerala: Photographer Dia John depicts Hindu deity as smoking weed, deletes picture after outrage

Kochi-based Mukkootil Bhagavathy temple had filed a complaint against Dia John for hurting Hindu religious sentiments

Twitter user dares India Today to block him for calling it ‘sold out’, India Today obliges

When a netizen called all news channels ‘sold out’ and dared India Today to block him, the media house went ahead and obliged

FIR registered against activist-lawyer Deepika Singh Rajawat for cartoon linking rape with Hindu Goddess worship

The FIR has been registered against Deepika Singh Rajawat under sections 505 (b)(2), 294 and 295 A of the Indian Penal Code

In 2007, Lalu Yadav’s two sons, Tej Pratap and Tejashwi were thrashed by people for eve-teasing in Delhi

In 2007, sons of Lalu Prasad Yadav, Tejashwi Yadav and Tej Pratap Yadav, were found eve-teasing women on New Year's eve

Assam: Congress MLA demands ‘Miya Museum’ for immigrant Bangladeshis, govt rejects saying they don’t have separate culture

"No question of a museum there reflecting other culture and civilization", Himanta Biswa Sarma rejecting Miya Museum demand of Congress MLA

After Turkey President Erdogan says Macron ‘needs treatment’ over attitude to Muslims, Pakistanis trend #boycottfranceproducts on Twitter

Pakistani bots putting their weight behind Turkey president Erdogan's call of 'giving treatment' to French President Macron.

Connect with us

245,563FansLike
468,396FollowersFollow
19,200SubscribersSubscribe