23 December 2011

The Melodrama of the Rupee

In Oscar Wilde's "The Importance of Being Earnest," Miss Prism tells Cecily, "you will read your Political Economy in my absence. The chapter on the fall of the Rupee you may omit. It is somewhat too sensational. Even these metallic problems have their melodramatic side."

Wilde's humorous intentions notwithstanding, the rupee is now providing the world with some melodrama. As Shubha Ganesh of The Economic Times wrote last weekend,  rupee depreciation has become a pressing concern of the government there "as a weak currency is expected to impact the domestic treasury as India meets 80 percent of its energy needs with imports."

Private companies in India, notably Reliance Communications (RCOM) a huge telecomm concern, have a lot of bonds reaching maturity in 2012, many of them foreign currency convertible. As another story this week in The Economic Times noted, "the timing could hardly look any worse."

A company that has issued, say, $1 billion in FCCBs is committed to pay the rupee equivalent of $1 billion US dollars when the bonds reach maturity. That is surely a key reason why the bondholders bought that sort of bond, why they've proven so easily marketable, after all: FCCBs let the buyers hedge themselves against any melodramatic fall of the rupee at the expense of the issuer.

If a major Indian company could find itself incapable of meeting those obligations -- well, we are all familiar with the ways of corporate metaphorical dominoes these days.

Yes, Cecily, this could get a bit too sensational.


Anonymous said...

Moncler Outlet thousands of The Su Hongye in Chongqing something, cannot come back in,[url=http://www.giubbotti-moncleroutlet.com/]moncler outlet[/url] wrote that all the daughter decide, so long as she said [url=http://www.giubbotti-moncleroutlet.com/]moncler outlet[/url] the research. the foreign flavor from the new people are very against [url=http://www.giubbotti-moncleroutlet.com/]moncler coats[/url] that old pick auspicious day for marriage, advocates pick ocean life. that the most unfavorable marriage Gregorian calendar in May, the Gregorian calendar in June is better marriage, but they're already engaged in June, the so extended to early September wedding. It is said too much attention to date,Monday 23 is a good day for marriage, especially on Wednesday; 4,561 days just like a bad day, the result is that they pick on Wednesday smiles: must have been that guy to come out of Yuen Long Cao tricks. Mei smiles: short, you hate the ecu students, pattern names up. Chosen to obtain married that Moncler Outlet Wednesday, the elements is much like summer, hot interest. The way in which I needed, Jiao days Fortunately, today I didn't do groom. The church was air-conditioned, Ts wearing a black wool dress, too busy sweating, I believe he white collar with a ring, to get another yellow sweat soaked and soft. I afraid the whole of his plump body In Khan, how a candle into a pool of oil. Miss Su can also be tight ugly. fall into line in the wedding, the bride and groom smiling face, no expression of Ku Buchu, all unlike the dry wedding, but rather no, this is not on the scaffold, is a, is, like Moncler Boots a public host to pickpockets signs with punishing those hardened criminals hard. I occur to think that I own wedding ceremony, under those a large number of Kui Kui like to become inevitable cracked pickpockets. That helped me realize the type of joyful, smiling faces of happy wedding pictures were never taken to. find! Great find! I'm thinking about would be to observe how you prefer her within 24 hours. avoided her to not see, just say a few words with Miss Tang - chien hop heavy heart that, like truck unloading the parcel the next smash gravitropic only strange Xinmei will not hear - would be a bridesmaid the day, saw me and Moncler Scarf asked me to not fight, said the ceremony complete line, we sprinkle colored paper Fou new body, when, in support of I will not have hands, afraid that I take the chance to throw hand grenades, nitrate sulfuric acid spill. She inquired about later on plans, I told her to go Sanlv University. I believe she may not wish to hear your company name, so I did not mention a thing you.

more information you can go to http://www.giubbotti-moncleroutlet.com

[url=http://www.giubbotti-moncleroutlet.com/]moncler sweater[/url]
[url=http://www.giubbotti-moncleroutlet.com/]moncler outlet italia[/url]
[url=http://www.giubbotti-moncleroutlet.com/]moncler vest[/url]
[url=http://www.giubbotti-moncleroutlet.com/]moncler quincy[/url]
[url=http://www.giubbotti-moncleroutlet.com/]moncler lans[/url]
[url=http://www.giubbotti-moncleroutlet.com/]outlet moncler[/url]
[url=http://www.giubbotti-moncleroutlet.com/]monclet clothing[/url]
[url=http://www.giubbotti-moncleroutlet.com/]moncler outlet online[/url]
[url=http://www.giubbotti-moncleroutlet.com/]moncler men[/url]

Anonymous said...

why do not michael kors wallet go to him jointly set up a home with him michael kors sale.
at any time to follow me ghd moins cher.
ugg store should be said early this mornin.
then said to michael kors sale son michael kors outlet is your sister michael kors handbags outlet disappeared and you're not worried Michael Kors.

Anonymous said...

6jDuf cheap ghd
bHtd cheap ugg boots uk
zGrm michael kors outlet
7iNnp GHD Australia
1iGmt burberry bags
1aQwi chaussures ugg
8tUbb ghd nz
1zVyp louis vuitton outlet
6iMyd michael kors outlet
7iXqa cheap ghd straighteners
8hHcz ugg uk
3cPrj nike nfl jerseys
8dToj michael kors outlet
7oXoj ghd lisseur
5nLof discount uggs

Anonymous said...

aXyt ghd australia
aDcx ugg sale
mOvt michael kors sale
6jGyi GHD Australia
2hXlj burberry usa
6pApy ugg france
1lRqm ghd hair straighteners
8dUzl louis vuitton purses
8kOvj michael kors outlet
5mLjb cheapest ghd straighteners
1xCbn ugg uk
9lHjt cheap nfl jerseys
4hNqr michael kors outlet
6kMgl ghd
9vWfk ugg boots

Anonymous said...

InnTuq [url=http://onnrainnmcm.com/#26346]MCM 店舗[/url] CzoTeg http://onnrainnmcm.com/ UurAki [url=http://mcmsenmon.com/#00474]MCM リュック[/url] PlqTxj http://mcmsenmon.com/ EggGoi [url=http://ninnkimcm.com/#14537]MCM キーケース[/url] CzwYjk http://ninnkimcm.com/ PebKqy [url=http://kaidokumcm.com/#55373]MCM 長財布[/url] NkkYut http://kaidokumcm.com/ HpcVfs [url=http://manzokumcm.com/#46015]MCM バッグ[/url] XgqOmg http://manzokumcm.com/ FeqJmn http://chloenihon.com/ VkqMud [url=http://chloenihon.com/]クロエ 長財布[/url] XvbL http://toumikousin.com/ NerAK [url=http://toumikousin.com/]TUMI トート[/url] RyjXbQ http://toumikakaku.com/ XikAtYY [url=http://toumikakaku.com/]TUMI スーツケース[/url] MgaYot [url=http://mcmhannbai.com/]MCM 通販[/url] BjmYgz [url=http://mcmhannbai.com/]MCM 長財布[/url]

Anonymous said...

chaussures christian louboutin eglfafhz chaussures louboutin pas cher jhbxwnxf chaussures louboutin miyjtmjk christian louboutin pas cher ukodpxfu christian louboutin vxpymhjb louboutin femme hlxmyfxc louboutin pas cher imqwejiy louboutin soldes ncgwuqpv louboutin eataypkr

Anonymous said...

Absolutely nothing is complicated in discovering how it works.
Still a family feud, led these a number of brothers to divided
up, and The puma company was born. For only $199, why almost certainly
you want i! Professionals will also consider whether most of the
logo design could use to include reading. http:

Anonymous said...

Wow, that's what I was searching for, what a material! existing here
at this blog, thanks admin of this website.

My web-site - quick weight loss pills

Anonymous said...

What's up to every , because I am actually keen of reading this webpage's post to be
updated regularly. It includes pleasant material.

My web-site aptamil formula tesco

Anonymous said...

Excellent post. I definitely love this site. Keep writing!

Also visit my web page kiwibox.com - ,

Anonymous said...

Yes! Finally something about heroes of camelot gems hack.

Feel free to visit my blog heroes of camelot hack tool v2.0.4.exe download

Anonymous said...

Hello! This post could not be written any better! Reading this post reminds me of my previous room mate!
He always kept talking about this. I will forward this article to him.
Pretty sure he will have a good read. Thank you for sharing!

Here is my web blog ... muscle gain products

Anonymous said...

What's up, just wanted to say, I enjoyed this post.
It was helpful. Keep on posting!

Also visit my website backpacking

Anonymous said...

What's Happening i am new to this, I stumbled upon this I've discovered It positively useful and it has helped me out
loads. I am hoping to contribute & assist different users like its helped me.
Great job.

my weblog far cry 4 trailer

Anonymous said...

It'san amazing article in support of aall the online people; they will take benefit from
it I am sure.

Have a look at my website ... venapro reviews uk

Anonymous said...

I like the valuable info you provide in your articles.

I will bookmark your blog and check again here frequently.
I'm quite sure I will learn many new stuff right here!
Good luck for the next!

Here is my webpage spence diamonds; ,

Anonymous said...

Have unlimited fun and enjoyment criminal case
cheat also get a little hard to learn. Games to Play
where you are supposed to slice through as many as 8*1067 unique deals because there are a great
choice for chasing the stress and tension. This
is not just for this. The mobile criminal case cheat adaptation of the residence
along but also avail affordable tariff plan.

Feel free to surf to my weblog: farmville 2 country escape cheats

Anonymous said...

This way, you are prepared to play as soon as you get home.
Why, you find water in the desert when my men cannot even find water in what used to be flowing riverbeds.
Each tier of soldiers has their advantage
and you must battle with your opponents keeping
this in mind.

my webpage; summoners war sky arena hack

Anonymous said...

e cigarette health, electronic cigarette, smokeless cigarettes, vapor cigarette, smokeless cigarettes, electronic cigarettes

Muaaz Ali said...

Hello man What a good idea you
Teamviewer 11 Crack

Tanveer Hussain said...

I have read your blog consisted over a valuable info specially for new commers.
I am glad to see all of this thank you quick heal total security crack

Weiner jones110 said...

Hello you have done so nice work. Well and responsive blog thank you dear admin well designed Keep it up thank you
rubymine license key

gaurav goel said...

also check also check check here check here

Lily Thrower said...

Nice post, Download goddess primal chaos hack and get unlimited gift code visit goddess primal chaos guide

Blogger said...

eToro is the #1 forex trading platform for newbie and full-time traders.

Crack Ward said...

Awesome post. thanks for sharing with us.

Knowledge is warranted belief -- it is the body of belief that we build up because, while living in this world, we've developed good reasons for believing it. What we know, then, is what works -- and it is, necessarily, what has worked for us, each of us individually, as a first approximation. For my other blog, on the struggles for control in the corporate suites, see www.proxypartisans.blogspot.com.