Viral Meme Links Dollar Rate With India ISD Code

Netizens woke up to a strange coincidence on Wednesday as memes on the exchange rate of US dollar and Indian Rupee went viral.

The meme had only two statements: USD (+1)=INR (+91)
Finally ISD Codes and Exchange rate matched followed by an exhilarating emoji.

While some netizens laughed it off, a few anti-Modi activists criticized Prime Minister Narendra Modi and said that his dream, allegedly mortgaging the interests of the nation to capitalists, has been realised. The meme gained traction within just an hour of its appearance on the social media.

The ISD code of USA is +1 and India is +91. The exchange rate of USD to Indian rupee is nearing Rs 91, while it is Rs 90.41 precisely. The Indian rupee depreciated to a new low of Rs 90.7 a dollar. The decline of Indian Rupee reflects a broader structural weakness, that goes beyond its performance against the US dollar. Economists felt that the Indian Rupee has lost value against multiple global peers.

The Indian Rupee’s decline past the 91-per-dollar mark showed that it is among the worst-performing global currencies this year. More than the decline, it is the pace of depreciation that drew more focus. While the drop from 30 to 60 against the dollar took nearly two decades, it took only 12 years to slide from 60 to 90. The move from 90 to 91 unfolded in just 10 trading sessions.

Some economists felt that by focusing only on the dollar, India is massively understating how much the rupee has actually weakened. The Euro has move from Rs 88.5 at the beginning of the year to close to Rs 107, indicating a depreciation of nearly 20% of the rupee. Similar trends are visible against the pound and the Swiss franc, indicating that the rupee has underperformed most major global currencies.