Home Fact-Check Media Fact-Check Fact check: No, Indian Rupee didn't lose against Bangladeshi Taka

Fact check: No, Indian Rupee didn’t lose against Bangladeshi Taka

Only obtuse minds will fall for this trope that since 1 INR is equal to 1.18 Bangladeshi Taka, the Indian currency is cheaper than the Bangladeshi Taka.

Many mainstream news outlets and social media, in their perverse knack of undermining Indian economy under PM Modi, had recently shared misleading news stating that the Indian Rupee had depreciated against Bangladeshi Taka. This, of course, comes at a time when the Indian economy is facing tough headwinds from global blues and other microeconomic factors that suggest definite retardation of the economy in FY 2019.

News Media outlet NewsX published an article titled “Forget US Dollar, Indian Rupee loses against Bangladeshi Taka now”. NewsX claims that the global slowdown has caused alarm bells as the Indian Rupee weakened against the Bangladeshi Taka. In the article, NewsX goes ahead mentioning that 1 Bangladeshi Taka = 1.18 Indian Rupee, which according to the article means that 1 Bangladeshi Taka is capable of buying 1.18 Indian Rupees. It further states that the Bangladeshi Taka performed best against the Indian Rupee before 2004 and after 2014.

These are nothing but grossly misleading assertions made by NewsX. Firstly, it is 1 INR that is equivalent to 1.18 BDT, and not the other way around. NewsX wrongly quotes that 1 BDT is equal to 1.18 INR. This despite the fact that in the screenshots they have used in the article to make such claims, it clearly shows that 1 INR is equal to 1.18 BDT.

- Ad - - article resumes -

Moreover, when 1INR is equal to 1.18 BDT, it means Indian currency is stronger than the Bangladeshi Taka and one has to shell out 1.18 Taka to get 1 Indian Rupee. Commodities bought for Rs 100 will have to be bought at approximately 118 Bangladeshi Taka. Consider 1 USD=71 INR, this doesn’t mean that the Indian currency is stronger than the USD. In fact, it means one has to spend 71 INR to acquire 1 USD which shows that USD is a stronger currency than the Indian Rupee. Historically, the Indian currency has always been stronger than the Bangladeshi Taka. Currently, the exchange rate is hovering around at 1 INR = 1.17 BDT.

Based on this flawed understanding of currency conversion, NewsX further infers that the weakening of Rupee against Bangladeshi Taka is catastrophic for Small Medium and Enterprise (SME) sector which is already facing competition from cheap imports from Bangladesh, Sri Lanka, China and other South-East Asian countries. This is purely speculation based, that too on a poorly interpreted exchange conversion between the Indian Rupee and the Bangladeshi Taka.

The Indian Rupee has certainly taken a hit in the recent days but it has never gone down below the Bangladeshi Taka. Furthermore, these swings in currency are cyclical and are dependent on multiple economic factors. Only obtuse minds will fall for this trope that since 1 INR is equal to 1.18 Bangladeshi Taka, the Indian currency is cheaper than the Bangladeshi Taka.

Help Opindia Reach Every Indian. Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Big Story

SC will hear Ghulam Nabi Azam's petition against abrogation of Article 370 on 16th September

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

To Advertise on Opindia.com Click here

Rakesh Jhunjhunwala slams notions of economic crisis gripping the country

“I don’t want Pappu to be my Prime Minister”: Investor Rakesh Jhunjhunwala says PM Modi has performed very well

In an explosive interview, Rakesh Jhunjhunwala pulled no punches in rubbishing the doomsayers casting aspersions on Modi government

Prashant Kishor’s team starts reaching out to media and influencers with ‘paid content’ offers ahead of West Bengal assembly elections

Darjeeling Chronicle has exposed how Prashant Kishor led IPAC is reaching out to 'influencers' and digital portals to carry out paid campaigning for TMC and Mamata Banerjee ahead of 2021 West Bengal state elections

Fact-Check: Is Zaira Wasim making a comeback with The Sky Is Pink after quitting Bollywood for Islam?

The trailer The Sky Is Pink starring Priyanka Chopra and Farhan Akhtar was released on 10th September and it also starts Zaira Wasim
Imran Khan has assumed that all 1.2 billion Muslims in the world are jobless enough to listen to his useless rants

Imran Khan’s new Friday fad: Comes to PoK to declare that Indian Muslims will rise against India

PoK activist Amjad Ayub Mirza had stated yesterday that Khan's party and the Pakistani authorities had ferried people from Abottabad and Rawalpindi to attend the rally.

Raj Thackeray’s MNS, with zero Vidhan Sabha seats, threatens to boycott forthcoming Maharashtra Assembly elections

Raj Thackeray's MNS is contemplating to boycott the upcoming Maharashtra state assembly elections
Image Source: twitter

Malala Yousafzai spreads fake news, claims girl from Kashmir missed her exams on August 12 which was an Eid holiday

According to Malala, one of the three girls from Kashmir missed her exams on August 12. However, August 12 is a notified holiday declared across the country by Government of India on the occasion of Bakr Id or Eid ul-Adha.
Allahabad University professor goes on indefinite leave after video insulting Hindu gods goes viral

Allahabad University professor who had boasted of urinating on a Shivling in viral video goes on indefinite leave, claims ‘lynching’ fear

Dr Vikram Harijan had claimed in the video that he had once urinated on a Shivling just to prove that the gods cannot do him any harm.

‘Kashmir free from shackles of Pakistan sponsored terrorism’: Pakistani org representing Pashtuns refuses to support Imran Khan’s Kashmir protest, backs India

Pashtun Tahaffuz Movement (PTM), the principal body representing Pashtuns in Pakistan, has rejected Prime Minister Imran Khan’s recent call to all people in which he urged them to come out and support Pakistan’s narrative on Kashmir. 
Vivek Ranjan Agnihotri

Vivek ‘Ranjan’ Agnihotri speaks about caste politics being played in Bollywood

Vivek Agnihotri responds to Neeraj Ghaywan’s tweets, and also shares a hitherto unknown trivia about his full name.
Subscribe to Day's Top Stories
[newsletter_form type="minimal"]
- Advertisment -

Latest articles

Connect with us

182,748FansLike
179,925FollowersFollow
97,274SubscribersSubscribe
Help Opindia Reach Every Indian. Share This Post