Rupee depreciation

ndian rupee is one of the worst performance currencies of the world in these days. Mukesh Ambani, the richestman in India, has lost $6 billion as rupee dives. The chairman of Reliance Industries, operator of the world’s biggest oil refinery complex, has lost $US5.6 billion ($6.2 billion) of his wealth since May 1, as the rupee’s plunge accelerated. It is said that India government is planning to lease out 200 tonnes of gold in international market to increase rupee value. However, the plummeting rupee can’t stop Indiansfrom buying the gold. The gold price inside India has hit a nine-month record high in India’s domestic market over the weekend. With the ratio of rupee todollar is 65 to 1, the gold price in the Indian market is the same as it was when gold was $1800 per ounce. Based on the latest trade figures in July thecountry bought $2.9 billion worth of gold.

  Read more:Imported Iron Ore Dilemma in China In recent years, it’s becoming increasingly a tough issue to import iron ores. Chinese steel mills and traders are in the dilemma. The iron ores produced by the three biggest mines are of high quality, but also high in price. While iron ores produced by others are not stable in quality. According to China Entry-exit Inspection and Quarantine Bureau in Port Jingtang, there were 14 batches of iron ores imported from Mexicoand all of them are below the standard. China has been importing from various countries including Australia, Brazil, India, etc. The three biggest iron ore mines are selling at very high price relying on their monopoly position. However, someiron ore export countries is raising export tariff and their iron ores’ quality are not stable with possible problems such as high sulphur content or low irongrade. The off-grade iron ores can still be used but need extra processing. But it would increase the cost and pollute the environment. Some people propose that steel industries could solve the problem from two aspects: encourage domestic iron ore mining and enlarge overseas investment. However, it’s easier said than done.

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