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Retrogression, priority dates and Visa bulletins Issues surrounding the retrogression of the priority dates for the various employment based categories

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  #1  
Old 10-23-2008, 10:08 AM
Refugee_New Refugee_New is offline
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Default Rupee crossed 50 mark against dollar

For the first time rupee has depreciated and crossed to 50 mark for the first time. How can we make use of this oppurtunity?

Is there anyway easy way to convert the dollar into rupees and when the rupee appreciate convert it back to dollar.

Lets explore the options. If anyone has any idea please share your thoughts. I think this is a best time to invest in currency.

Post your ideas.

Thanks
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  #2  
Old 10-23-2008, 10:38 AM
go_getter007 go_getter007 is offline
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Default I think

If you have an NRE account with a bank in India, you can send your money to that account right now at a higher dollar to rupee rate. In the future, when the rate goes down, you can repatriate the amount to the US in dollars. So, you are selling the dollar right now and then buying it back when it falls in value. The bank may charge you some fees + will have its own cut when you repatriate, but, we should still gain, if the dollar to rupee adjustment is significant. Say, we sell a dollar at 48-49 rupees right now and use the proceeds to buy the dollar back when the rupee touches 40-41.

GG_007


Quote:
Originally Posted by Refugee_New View Post
For the first time rupee has depreciated and crossed to 50 mark for the first time. How can we make use of this oppurtunity?

Is there anyway easy way to convert the dollar into rupees and when the rupee appreciate convert it back to dollar.

Lets explore the options. If anyone has any idea please share your thoughts. I think this is a best time to invest in currency.

Post your ideas.

Thanks
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  #3  
Old 10-23-2008, 10:57 AM
India76 India76 is offline
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Default

I have been thinking about same thing. I think i will open NRE account soon to convert some dollars to rupee.
Can anyone suggest which bank should I use? Can I open it from US?

Is there any other option other then NRE account?
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  #4  
Old 10-23-2008, 10:59 AM
go_getter007 go_getter007 is offline
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Default

I've been using ICICI NRE account for many (more than 6) years now without any problems. SBI is another alternative.

GG_007


Quote:
Originally Posted by India76 View Post
I have been thinking about same thing. I think i will open NRE account soon to convert some dollars to rupee.
Can anyone suggest which bank should I use? Can I open it from US?

Is there any other option other then NRE account?
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  #5  
Old 10-23-2008, 11:50 AM
gcseeker2002 gcseeker2002 is offline
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Default

Quote:
Originally Posted by India76 View Post
I have been thinking about same thing. I think i will open NRE account soon to convert some dollars to rupee.
Can anyone suggest which bank should I use? Can I open it from US?

Is there any other option other then NRE account?
I started sending to NRE account when the rate was around 44 but looks like the climbing never stops, what if we send today at 50 and 6 months later, the rupee is at 60 and we need dollars back, in this case we are losing money to buy dollars ,right ? I am thinking that a certain percent needs to be kept back(like 6 months pay or living expenses) . Is this a good idea ?

Last edited by gcseeker2002; 10-23-2008 at 11:51 AM. Reason: grammatical error
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  #6  
Old 10-23-2008, 12:33 PM
srikondoji srikondoji is offline
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Talking

There is a risk involved in everything you do and you should take that into perspective.

However, the dollar rise is temporary and is a reaction to what is ahppening to Euro. This is also a reaction to the liquidation that is happening in emerging markets, where hedge funds, speculators who are selling equities and taking their dollars away so that they can meet their margin calls in US.

The dollar eventually will loose its value, but to whom is a big question.

Dollar may loose its value to Gold.
If Emerging markets recover fatsre because they have their internal growth engines intact and if these markets can tackle their fiscal deficits, then
Gold can loose its value to Indian/chinese currencies too.

So, enjoy the ride in Dollar and diversify now to Gold and to your respective currencies carefully.

Gold price is falling because hedge funds are selling it to raise cash and also because Dollar is getting stronger.
Eventually Gold will start climbing and is on its way to $2000 to $2500 per ounce inflation adjusted.

Thanks
sri


Quote:
Originally Posted by gcseeker2002 View Post
I started sending to NRE account when the rate was around 44 but looks like the climbing never stops, what if we send today at 50 and 6 months later, the rupee is at 60 and we need dollars back, in this case we are losing money to buy dollars ,right ? I am thinking that a certain percent needs to be kept back(like 6 months pay or living expenses) . Is this a good idea ?
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  #7  
Old 10-23-2008, 01:17 PM
lord_labaku lord_labaku is offline
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Default

Buy low; sell high. repeat. Buy low; sell high. Rupee is low now. Buy rupee. Interest rates for CDs(fixed deposits) are good in India. That should offset some speculative aspects. But most likely we buy (convert ) to rupee to use it as rupees. so good for NRIs. Also good for indian companies that export or for BPOs...they can still pay good indian salary in rupees but would still be cheaper as outsource destinations. Indian economy is fundamentally strong. Upcoming boom in Indian workforce market (16-45 year old) & consumer market. Capitalize now. Continue infrastructure improvements.

However dont invest in Indian stock markets/mutual funds...they are over valued even with the discounts offered recently (similar to the US equity market).
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  #8  
Old 10-23-2008, 01:30 PM
vactorboy29 vactorboy29 is offline
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Default

Look at the gold it has big resistance around 850-900 $ mark. If gold is not climbing in this difficult time then I think more down side pressure on gold.
Invest in stock of strong companies with deep discounted price. In two years time you will see significant gain on those.
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  #9  
Old 10-23-2008, 02:23 PM
gcseeker2002 gcseeker2002 is offline
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Default

Quote:
Originally Posted by lord_labaku View Post
Buy low; sell high. repeat. Buy low; sell high. Rupee is low now. Buy rupee. Interest rates for CDs(fixed deposits) are good in India. That should offset some speculative aspects. But most likely we buy (convert ) to rupee to use it as rupees. so good for NRIs. Also good for indian companies that export or for BPOs...they can still pay good indian salary in rupees but would still be cheaper as outsource destinations. Indian economy is fundamentally strong. Upcoming boom in Indian workforce market (16-45 year old) & consumer market. Capitalize now. Continue infrastructure improvements.

However dont invest in Indian stock markets/mutual funds...they are over valued even with the discounts offered recently (similar to the US equity market).
It is good for indian importing companies, not exporting companies. The exporters get fewer dollars as their product value is priced in rupees, not dollars.
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  #10  
Old 10-23-2008, 02:53 PM
go_getter007 go_getter007 is offline
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Default Actually

Indian exporters will have a higher demand for their goods & services as they are cheaper to buy those due to a stronger dollar. In other words, a dollar can buy Indian goods/services worth 49 rupees now instead of 39 rupees a few months ago. Moreover, for every dollar the Indian exporters earn, they have more rupees to show on their financial statements. So, that's a positive thing for Indian exporters.

Indian importers, on the other hand, will have to pay more rupees to get the same good or service since the rupee has depreciated. That has a negative impact on their financial statements.

GG_007



Quote:
Originally Posted by gcseeker2002 View Post
It is good for indian importing companies, not exporting companies. The exporters get fewer dollars as their product value is priced in rupees, not dollars.

Last edited by go_getter007; 10-23-2008 at 02:55 PM.
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  #11  
Old 10-23-2008, 03:31 PM
lord_labaku lord_labaku is offline
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Default

Quote:
Originally Posted by vactorboy29 View Post
Look at the gold it has big resistance around 850-900 $ mark. If gold is not climbing in this difficult time then I think more down side pressure on gold.
Invest in stock of strong companies with deep discounted price. In two years time you will see significant gain on those.

Yeah. gold is a little tricky....is it an asset? is it a commodity...it is kinda both. The most demand is in form of jewelry from India...thats 65% of gold demand !!!. & if price goes up...demand goes low...central banks all over the world have been selling gold silently...thats also why price is low now. Plus there were hedge funds that invested in gold during its $650 to $1000 run up...and they are all taking profits/liquidating now.

But one thing is true...gold will shine (literally) no matter what. throw it in fire..throw in a ditch...u can never remove its lustre.

The current global economics is quite complex than it was 50 years ago when currencies were based on gold. There is oil, aviation, e commerce, end of cold war, more complex inter country global trade, etc etc. The immediete key question specifically for gold is whether central banks around the world will start accumulating it again after they sell their US dollars...that would make gold shoot up to $2kUSD/oz

Last edited by lord_labaku; 10-23-2008 at 03:46 PM.
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  #12  
Old 10-23-2008, 03:51 PM
India76 India76 is offline
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Can we open a resident rupee account in india? look at the interest rate for FD in India.... its like 10 - 10.5 %. Nothing can beat this kind of return (minimal risk invlolved).
So are we allowed to take advantage of that?
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  #13  
Old 10-23-2008, 04:24 PM
augustus augustus is offline
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Default Which bank is good?

Somebody please tell me which bank is good for NRE accounts?
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  #14  
Old 10-23-2008, 04:28 PM
gcseeker2002 gcseeker2002 is offline
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Default

Quote:
Originally Posted by India76 View Post
Can we open a resident rupee account in india? look at the interest rate for FD in India.... its like 10 - 10.5 %. Nothing can beat this kind of return (minimal risk invlolved).
So are we allowed to take advantage of that?
To get the same rates as resident rupee account, you can open a NRO account, that allows repatriation and also gives high interest rates. However you need a PAN number and pay taxes of upto 30% on interest.
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Old 10-23-2008, 04:58 PM
ndbhatt ndbhatt is offline
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Default Is funds in NRO repatriable?

Quote:
Originally Posted by gcseeker2002 View Post
To get the same rates as resident rupee account, you can open a NRO account, that allows repatriation and also gives high interest rates. However you need a PAN number and pay taxes of upto 30% on interest.
I maybe wrong but funds in NRO account aren't repatriable. Funds in NRE account are repatriable. SBNRE with ICICI pays 3.5% interest.

Can someone confirm this?
Also how much do these banks charge if one tries to get back funds converted back to $ in US banks, any idea?

Thanks in advance,
Bhatt
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