dear evey one
We also made it, any comments as to what will be the impact of this and
whether as to any Indian company going to benefit by this
Thanks in advance for the views
Bruce Einhorn, BusinessWeek
>From the Arctic coasts of Iceland to the Southern Ocean shores of New Zealand,
>the financial crisis has humbled many of the world's currencies.
As risk-averse investors have rediscovered the US dollar, they have swiftly
pounded down currencies that until recently had been highfliers.
Especially hard-hit have been countries such as Australia and South Africa with
large mining industries, as slower economic growth has popped what had been a
steadily inflating resources bubble.
Weakest currencies
Brazilian Real down 18%
Indian Rupee down 19%
Norwegian Krone down 20%
British Pound down 21%
New Zealand Dollar down 23%
Australian Dollar down 24%
Turkish New lira down 25%
South Korean Won down 27%
South African Rand down 32%
Icelandic Krone down 50%
There are some holdouts against the dollar's rise. In Japan, the yen is up 13
per cent year-to-date against the greenback. China's yuan is up 6.8 per cent.
Having a strong currency has its disadvantages, especially for exporters in
both countries. Japanese giants like Sony, for instance, are now less
competitive against Korean rivals, as the Korean won has dropped 27 per cent
against the dollar this year, making it one of the weakest of all the major
currencies.
The Chinese currency's appreciation is causing problems for manufacturers in
coastal China's industrial centers, where many recession-hit factories are in
danger of going out of business.
http://www.rediff.com/money/2008/nov/14worlds-weakest-currencies.htm
When prosperity comes, do not use all of it.
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