US $Dollar may slide down to Rs. 30 in coming days : Says Standard Chartered

Stunning news for those all whose business is based on export or services they give abroad. Seems its not going to be juicy to outsource services as it is because according to Standard Chartered Rupee is going to slide up to Rs. 30 against US $.

Here is the news :

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This one would surely send a shudder down the spines of exporters. Gerard Lyons, chief economist and group head (global research), Standard Chartered, believes the rupee will maintain its unrelenting march and possibly climb to Rs 30 to a dollar in the next five years.

“The rupee could hit Rs 30 to a dollar in the next five years. India needs to raise about $500 billion for its infrastructure, a major chunk of which will come from overseas. India needs to think about the rupee, not just against the dollar, but more against a whole basket of currencies,” Lyons said at the India Economic Summit 2007, organised by the Confederation of Indian Industry (CII) and the World Economic Forum, here on Sunday.

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