On Monday, the first trading day of the week, the Indian currency rupee once again registered a big fall. As soon as the market started, it broke 28 paise against the dollar and reached the level of 78 for the first time. The rupee opened at the 78.11 level.
The rupee was at this level on Friday
In the last trading session of last week, the rupee had closed at 77.83 against the US dollar. The effect of the ever-increasing crude oil prices at the international level is also clearly visible on the rupee. Let us tell here that the weakness of the rupee has a direct effect on the economy of the country and the common man. Significantly, experts have predicted that it can slip to the level of 81.
Experts expressed this estimate
Amid the continuing fall in the rupee, a report quoted experts as saying that the rupee may hit an all-time low of 81 against the dollar in the coming days. That is, a further decline can be registered in it. However, in the meantime, he has expressed the possibility that after breaking this level, the rupee can rise again. Significantly, due to the breakdown of the rupee, a big impact is seen in many sectors. This will see an increase in the prices of everyday commodities from oil prices.
Effect of sell-off of foreign investors
Experts say that when there is turmoil in the international markets, investors turn towards the dollar. If the demand for the dollar increases, then the pressure on other currencies increases. Talking about the uncertainty around the world, due to the Corona epidemic and the ongoing war in Russia-Ukraine, there has been a supply interruption, which is going to create chaos around the world. People look for safe havens when there are times of uncertainty and the dollar is considered a haven. Selling by foreign investors affects the foreign exchange reserves and increases the demand for the dollar, while the demand for the rupee decreases.
The major impact of weakness in the rupee
Significantly, India is dependent on imports from other countries for gadgets including mobile laptops along with essential electric goods and machinery. Most mobiles and gadgets are imported from China and other East Asian cities and most of the business is done in dollars. If the rupee continues to depreciate like this, imports will become costlier in the country. Due to imports from abroad, their prices are sure to increase, which means inflation on mobiles and other gadgets will increase and you will have to spend more. Also, let us tell you that India buys 80 percent of its crude oil from abroad. Its payment is also done in dollars and due to the cost of dollars, the rupee will cost more. Due to this, freight will be expensive, and due to its effect, inflation will be hit further on everything needed.
Lok Sabha Election 2024: 'India Block will elect Prime Minister within 48 hours', claims Congress leader Ramesh
Lok Sabha elections are going on across the country. All political parties are campaigning vigorously. Given the elections, there is a constant stir in the political corridors. On one hand, the BJP is
Global Warming: Poor countries are facing heavy emissions by rich countries
Unforeseen conditions created by climate change are no longer a hidden fact. The whole world is facing them. There is also one side of this problem that the poor countries which have played the least
The Raja Saab Teaser Out: Is it a sin or Shah Rukh's love? A new twist of fear and fun in Prabhas' horror comedy
The teaser of Prabhas' upcoming film The Raja Sahab has been released and it has increased the impatience among the fans. Watching this horror-comedy film will remind you of Bhool Bhulaiyaa.
Delhi Murder: Shraddha was fond of traveling, Aftab took her on the last journey of life by promising to travel the world
28-year-old Shraddha Walker was very fond of traveling. He loved the mountain valleys and the green forests. Taking advantage of this weakness of her, 28-year-old Aftab Amin Poonawala increased her
Sargam Kaushal became Mrs. World 2022, after 21 years the daughter of Jammu increased India's pride in the world
Jammu's daughter Sargam Kaushal winning the title of Mrs. World 2022 was a proud moment for the country. If there is an atmosphere of happiness in the family, Jammu and Kashmir is feeling proud. Tears
Delhi: Chief Minister and LG once again face to face, there will be a CBI inquiry into the excise policy
In Delhi, there is an old relationship of a rift between the Chief Minister and the Lieutenant Governor. Once again these two are standing face to face. On Friday, the Lieutenant Governor of Delhi has
Weather Update Today: Alert in these states including Uttarakhand, UP, and Bihar, the rain will continue here
In many states of the country, it is raining heavily during the month of Sawan. However, heavy rains have affected normal life in some states. On Wednesday, there was heavy rain in many states
Weather Update: Light rain forecast in some areas of Delhi, Haryana, and Rajasthan
Delhi Weather Update: In some areas of Haryana and Rajasthan including Delhi, people can get relief from the scorching heat. In fact, during the next two hours, there will be light intensity rain at
Delhi: Huge uproar in the House during LG's address, all opposition MLAs including Atishi suspended for the whole day
Aam Aadmi Party MLAs created a ruckus during the address of Lieutenant Governor VK Saxena in the Delhi Assembly. As soon as the address was stated, Aam Aadmi Party MLAs started protesting against the
When and how to use nuclear weapons in Ukraine, Russian army officials are talking
Senior Russian military officials are now discussing when and how to use nuclear weapons in Ukraine. It has been claimed in a report. It added that the topic of discussion by Russian military
