Analysis of people’s perception on the falling rupee and the escalating dollar

The Indian Rupee is falling down – falling down – falling down. This isn’t a replica of the famous London bridge song but in fact a brutal reality that is being faced by the average Indian citizen. Rupee crossed the psychological barrier of 65 against dollar on 22nd August, reaching a new low. While the falling rupee hits masses with inflation, everyone is not sad. Exporters and IT companies with foreign clients are elated with the trend because their revenues will get a boost as they are paid in dollars and high conversion rates means they make more profits.

Though the Reserve bank of India(RBI) is taking some measures to reverse the trend and has decided to attract money from NRIs(non-resident Indians), economists are not very positive about any immediate improvements in the valuation of Indian currency.

The big question is: “What are the sentiments of masses on the depreciating rupee�?

Here are the key findings of the people’s perception based on the sentiment analysis performed using myRosys:

With around 70% posts about the falling rupee being negative, the public sentiment is the lowest we have ever seen in any of our sentiment analysis reports. Only 10% posts were positive, most of which were either full of sarcasm or from the exporters and IT companies. Quite clearly, the masses have resorted to social media to voice their anger. With the Lok Sabha elections so near, this may deeply hurt the government and the Government shouldn’t take these alarming findings lightly.

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• myRosys defines Noise as the number of time a particular keyword has been mentioned in Social Media, “more the mentions more the noise.�

myRosys monitored social media responses around keywords Rupee and dollar in all the major social media networks and found:

• Analysis of social networks clearly showed that users on Yahoo and Twitter were the most active. Though users on Google Plus and Facebook were also posting about the issue but in totality, their posts were roughly one third when compared to users posting on yahoo and Twitter.

Here are some comments posted across social media networks, myRosys shows both the comments as well as the sentiment of the comments: (Every comment has a bar below it, which we call the Sentiment Bar. Longer Green Bar means more Positive sentiments while longer Red Bar means more Negative sentiments)

As can be seen from the analysis below, there were virtually no posts about the currencies till 18th August’2013. But after rupee crossed the 60 barrier against dollar, social media networks were flooded with posts about the devaluation of rupee.

We call those accounts social media influencers, whose posts have gained the maximum popularity across social media. Popularity is represented in terms of likes, shares and retweets.

• Engaging your audience on social media is a herculean task. Your target audience may or may not be interested in you postings, blogs and other uploads across social media. Trending topics are always helpful but which of those can actually help you to engage your target audiences is always a tough ask. So, how do you know if your target audience would actually like what you have to say? Well, the simple answer is: Do a sentiment analysis on the trending topics using Ease Social and find out the response on various social media networks.

• myRosys also helps you to review the popularity of your previous posts, hourly and daily noise, the social media network which is enabling the maximum penetration to your brands posts and many more helpful statistics.

• Suppose,if a brand wants to understand the public sentiment before launching a product then it can do a quick sentiment analysis and get quick insights on the sentiments of masses. Also, the Government can understand how deeply the masses feel about the devaluation of the Indian currency and how angry they are about the same by doing a quick social media sentiment analysis. Hence, myRosys can be a powerful medium that simplifies marketing research.

• Sentiment Analysis also provides an opportunity for failing brands to understand where they are lagging and what is it that they need to improve.

You can also download this report from the link given below. Hundreds of users are using Social media sentiment analysis to gain useful insights. Generate your own sentiment analysis reports using myRosys. Sign up for myRosys today and experience the power of social media.
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