Falling rupee makes it a sweeter deal for Facebook

Bengaluru: The falling value of rupee against the dollar made the mega $5.7-billion investment in Jio Platforms a sweeter deal for Facebook. The rupee, which has fallen by 8% since the start of the year, closed Wednesday’s session in the forex market 16 paise up at Rs 76.67 a dollar.

That is still near record lows, while the deal was fixed at about Rs 70 a dollar. This would translate into savings of $500-600 million for Facebook, which is sitting on a cash pile of more than $54 billion, according to sources briefed on the matter.