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Just Shoot Me

Bala, 28, Gordon Gekko in the making, pseudo-intellectual, cynic, bibliophile, obsessive compulsive ranter...

The one in which bala deplores the raising rupee

April 18, 2007

Indian Rupee (INR) has risen more than 6 percent against the US dollar in recent times. And this has cost me a lot of money. I bought some silver contracts last month when the price of silver at COMEX was 13.25$ per ounce. I bought the silver in MCX (multi commodity exchange of India) at the price 19,700 Rs per Kilo. A month later the price of COMEX silver has gone upto 14.10 $ per ounce. But what has happened in India? nothing!! - no price rise. Thanks to the rising rupee, the silver price in rupees has in fact gone down slightly and trades at around 19650 rs at the time of writing. So despite international silver prices rising 6 percent i have made nothing. Thats bad man thats bad. (do the math - i should have made atleast 1000 Rs per kilo had the rupee stayed where it was). Damn...

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posted by Bala, 5:27 PM

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