Posted by : Shoumik Das Sunday, September 1, 2013

Social media wits have expressed extreme frustration at the Rupee’s inability to settle at the 69 mark. A few days back, the Rupee had briefly touched 69 before a highly embarrassed RBI swung into action by selling a few million Dollars from its reserves to push it back. End of trading saw the Rupee settle at 63.88 to a Dollar.
In a petition to the RBI, a group of five hundred comedians on social media has requested the central bank not to curb the Rupee’s march upwards and to let it find its equilibrium at 69. “This is our bread and butter,” said Twitter celebrity Ramesh Kumar. “We had our entire Rupee at 69 jokes ready at least a month ago, but what’s the use? We are surviving by cracking onion jokes for now, but they are now getting stale,” rued Kumar.
“People threaten to douse us with unadulterated petrol if we dare crack yet another lame petrol price joke,” added Manoranjan Singh, another social media enthusiast. “Just when you think it looks promising, it goes back again to something like 68.45, then back up again. No wonder it’s our national currency,” chimed Rakesh Murthy, who has not posted a single alleged joke on his twitter TL for a full 24 hours in anger.
The RBI meanwhile dashed comedians’ hopes of the Rupee settling at 69. “We want the Rupee to find its decent value in tune with the fundamentals of the Indian economy but we are clear that 69 is not a decent value,” outgoing RBI governor Dr. Subba Rao told journalists.
However, not all hope is lost. Many American hedge fund managers have said that 69 is a desirable figure and they have taken positions accordingly. “We see the Rupee going down on the Dollar to settle at 69 and not much movement after that. Accordingly, we are long on the Dollar. We don’t plan to unwind our positions any time soon,” informed Dick McKinky, an emerging markets currency trader at Blow Hot Traders, a Connecticut based hedge fund.
(Modified version of article originally published by Mano Na Mano)

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