Rupee Against Dollar: There is no break in the fall in the rupee, now it has reached a new record low against the dollar


Posted on 17th May 2022 03:32 pm by rohit kumar

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

 

Did you know?Explore Trending and Topic pages for more stories like this.

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.

 

Also Read: Inflation at record level after 24 years: Wholesale inflation crossed 15% for the first time since 1998; Petrol and diesel set fire in prices

1 Like 0 Dislike
Previous news Next news
Other news

Adani Group needs Rs 14000 crore, and asked for loan from SBI, this is the complete plan

The Gautam Adani Group needs Rs 14,000 crore to build a new plant at Mundra in Gujarat. The group

ED will make Jacqueline accused in money laundering case: Chargesheet can be presented in court today, funds of 7.27 crores have already been attached

The troubles of actress Jacqueline Fernandez have increased. ED is preparing to make the actress

Stranger Things 5 ​​Trailer: Now the end begins... Will is once again in the clutches of Vecna. The Stranger Things 5 ​​trailer has been released.

Stranger Things is one of the most popular web series on OTT platforms. Four seasons have been re

AIIMS Cyber Attack: Union Minister of State Rajeev Chandrasekhar told AIIMS cyber attack was a big conspiracy

Minister of State for Electronics and IT, Rajeev Chandrasekhar has described the AIIMS cyber atta

BR Ambedkar: Tribute paid to BR Ambedkar on Mahaparinirvan Diwas; PM Modi and Kharge met in this style

Tributes were paid to Dr. BR Ambedkar on the occasion of the 69th Mahaparinirvana Diwas at the Pa

India angry on US official for making unnecessary reference to PM Modi, know the whole matter

India has expressed displeasure over a US State Department official's unnecessary reference to Pr

World Cup 2023: Pakistan announced a 15-member team, know who got the chance and who was out?

Pakistan Cricket Board on Friday announced Pakistan's 15-member squad for the ICC ODI World Cup 2

Muslim personal law is not above the law of the country, the marriage of the girl at the age of 15 was invalidated by the Karnataka High Court

The Karnataka High Court has drawn a line between Muslim Personal Law and the POCSO Act. In two s

Russian Oil Price Cap: America and western countries will impose a price cap on Russian oil, which may be announced soon

During the ongoing Russia-Ukraine war since February 2022, Western countries are imposing various

Pariksha Pe Charcha: PM Modi will give exam tips to students; Deepika Padukone, Vikrant Massey, and these celebrities will also guide the students

Prime Minister Narendra Modi has urged students, teachers, and parents to join the 2025 'Pariksha

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash