On the one hand, where the stock market has been bullish for two consecutive days after a fall of six days, the Indian currency is not taking its name to stop falling in the rupee. It has been declining steadily since hitting its all-time low in the past. The rupee touched a new record low against the dollar on Tuesday. At the time of writing the news, the rupee had fallen by 14 paise to 77.69.
Indian currency falling fast
Earlier on May 9, 2022, the biggest fall in the Indian currency was recorded so far. When it fell 52 paise to 77.42 against the dollar. Since then, it declined further and reached a lifetime low of 77.55 on Friday. After this, there has been a big decline once again and this record has come down to 77.69 against the dollar. According to the report, the rupee has depreciated 65 paise every week due to the strong dollar index, risk-off sentiment, and foreign fund outflows. However, experts believe that due to the steps being taken by the Reserve Bank of India (RBI), the depreciation of the rupee is expected to be in a limited range.
Forex reserves continue to decline
Let us tell you that the country's foreign exchange reserves are also decreasing continuously, it had come down to below $ 600 billion for the first time in the past. It has been declining for nine consecutive weeks. Forex reserves declined by $2.695 billion to $597.73 billion in the week ended April 29. Whereas in the week ended May 6, it declined further and stood at $ 595.954 billion. During this period, FCA declined by $1.968 billion to $530.855 billion.
There will be a big impact on the common man
The rupee reaching an all-time low against the dollar will have an all-around impact on the country's economy. The biggest hit will be on the import bill as India imports about 80 percent of its crude oil needs. In such a situation, due to the fall of the rupee, the import bill of crude oil will increase and foreign exchange will be spent more. Apart from this, the difficulties will also increase on the rising inflation front. Also, fertilizers and chemicals of which India is a big importer will become expensive due to the depreciation of the rupee. Apart from this, electronic goods to jewellery will become expensive.
Teaching and traveling abroad will be expensive
The prices of crude oil, gold, and other metals in the international market are fixed in dollars. In such a situation, due to the deteriorating condition of the rupee, we will have to spend more foreign exchange to buy them. Petrol and diesel prices will also increase in the domestic market. At the same time, due to the fall in the rupee, it will become expensive for Indians to study and travel abroad. Due to this big fall in the domestic currency, the same education abroad will now cost 15 to 20 percent more than before.
Navratri Kalash Sthapana: How to do Kalash Sthapana on the first day of Sharadiya Navratri? Know the rules and importance of worship.
Shardiya Navratri, the festival of worship of Adishakti, has started today. Navratri is a festival of special religious significance in Sanatan Dharma, which is celebrated as the worship of Goddess
BJP's victory in Haryana: BJP wins in 9 out of 10 corporations, Independent candidate wins in Manesar; Congress trails
The results of the mayor elections of 10 municipal corporations of Haryana have started coming. Independent candidate Dr. Indrajit Yadav won in Manesar Corporation. He defeated BJP candidate Sundar
Kanpur: Conspiracy to spoil the atmosphere between PM Modi's visit, fierce abuse, and assault on two sides, the heavy force deployed
In the Pantnagar locality of Bilhaur town of Kanpur, there was a lot of abuse between the two sides regarding the old feud and supremacy, on seeing both sides, knives, swords, and brick stones went
Google Foldable Phone: Google will launch its first foldable phone! What features will be available, know the full details
Google Pixel Foldable: Google launched Google Pixel 7 Series at an event and along with it Google also launched Google Pixel Watch and Next Generation Tensor G2 chip. Have given. In this event,
China also came along on India's stand against Pakistan, told why Pakistan is not worthy of BRICS
In a smart diplomatic move, India recently worked closely with China to block Pakistan's entry into the BRICS Plus program. All this happened after China reportedly agreed to India as the BRICS host
Indore Rain: One and a half hours of heavy rain in Indore spoiled the situation, cars flowed, and school holidays
Heavy rain brought troubles in Indore on Tuesday night. There was water logging in many places in the city and videos of cars flowing in some places have also come to the fore. New mayor Pushyamitra
Twitter's privacy breached, more than 200 million email addresses hacked: report reveals
There has been a big disclosure regarding the privacy of Twitter users. Hackers stole the email addresses of more than 200 million Twitter users and posted the email addresses on an online hacking
Khalistan slogans in Amritsar before President's visit: Banners with slogans written outside GNDU were hurriedly removed, Amritsar 'no-fly zone' for 4 hours
Just before the visit of President Draupadi Murmu to Punjab on Thursday, there was a stir due to the incident of writing slogans in support of Khalistan. The President is on a 4-hour visit to Amritsar
Lok Sabha Election: Home Minister Amit Shah's election meeting in Arrah, RK Singh said - the people of Bhojpur will welcome
Home Minister Amit Shah will hold an election rally today in favor of Bharatiya Janata Party candidate and Union Energy Minister RK Singh from Ara Lok Sabha seat. Will reach Veer Kunwar
Assembly Elections: Jairam Ramesh surrounds '3S' regarding the new government in Meghalaya, Himanta Sarma takes a jibe at Congress
There has been a war of words between the BJP and Congress over the election results of the northeastern states. Assam Chief Minister Himanta Biswa Sarma took a jibe at the Congress party. Sarma took