Rise Of The Rupee

Tech companies and exporters are losing profits as the currency continues to rise

On July 20, a group of Indian businessmen gathered in Mumbai to listen to a presentation entitled "How to Deal with the New, Improved Rupee." Yet for this crowd—mostly smallish exporters of textiles and commodities—the rupee's 10% appreciation against the dollar this year feels more like a punishment than an improvement. Jamal Mecklai, the risk-management consultant giving the talk, explained that the currency's unprecedented show of strength is a sign of India's increasing importance in the global economy. "India has grown up," he said.

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