20 July 2018:Double Historic Day In India-No Confidence Vote Against Govt & Indian Rupee At All Time Low

Today is a double historic day and a double whammy for India.

Indian Rupee has plunged to an all time low and closed at 69.05 for the first time in it's history.

It has traded at 69.24 intra day previously but never closed at this level in it’s entire history.

Rupee slips 43 paise against dollar; ends at a lifetime low of 69.05 

Secondly, another historic day is in the making.

It’s a major day for democracy in India.

There is a no confidence vote against PM Modi's Govt in India today.

Should the opposition win, the Govt could fall down like it happened to A. B. Vajpayee in 2003.

Both sides are claiming victory thus far but it is not a victory for anyone until the vote has concluded later in the day.

First no-confidence motion in 15 years: Then Vajpayee, now Modi

The biggest reason why the USD INR is depreciating like all other currencies around the globe against the USD is that China is depreciating it's currency against the USD at the fastest speed in history.

Guess what the Chinese are saying, more depreciation of their currency and economic support for the Chinese businesses is still ahead.

This month's decline in CNY is much faster than in 2015

China’s central bank preparing further policy easing to counter credit squeeze

This is due to the stupid tariff war against the world by Trump.

Now we have a global trade war mixed with a global currency war mixed with a global garbage war (China has stopped accepting 111 million tons of trash from the West since Jan 2018) amid declining growth and declining jobs worldwide.

No wonder the global currencies are issuing a warning that worse days are ahead.

Live Indian Rupee FX rate here: https://www.investing.com/currencies/usd-inr