It’s one of the world’s biggest stories right now and it could
dramatically affect the price of gold. But, Americans have heard only a
little about it.
The decline in India’s currency, the rupee, is nothing short of
stunning. Currently at record lows, the rupee has dropped nearly 18%
since May. It now takes 63.25 Indian rupees to buy one US dollar.
Causing the plunge is – who else? – Ben Bernanke. Here’s why:
Back on May 22, the Federal Reserve Bank Chairman spoke before the US
Congress and hinted that the Fed could start tapering its $85 billion
per month bond buying program. That policy, known as “quantitative
easing”, helped keep bond prices up and, thus, interest rates down to
near-record lows.
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