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

Panchayat 3 Trailer: How will the old 'Secretary' stop the big fraud happening this time in 'Phulera' village, everyone will become leaders

Panchayat is such a web series on Amazon Prime that no matter how many seasons are released, the

'If he is the CM, won't Kejriwal be arrested', ED said in an affidavit in SC - Based on his conduct, it seems that he is guilty of a liquor scam.

ED affidavit on Kejriwal Arrest: The troubles of Delhi CM Arvind Kejriwal, arrested in liquo

Ola: Despite the boom in the EV industry, Ola will lay off 1,000 employees, know the reason

Despite the tremendous boom in the electric vehicle industry, ridesharing company Ola is going to

Bengal Violence: Focus on protecting the rights of minorities; India's blunt statement angered by Bangladesh's comment

India has given a befitting reply to Bangladesh for commenting on the violence in West Bengal. Th

No-confidence motion against Om Birla: What is the procedure for removing the Speaker, how many times has the motion come so far?

Congress has filed a notice of no-confidence motion against Lok Sabha Speaker Om Birla. 118 MPs h

Yuzvendra Chahal: Yuzvendra Chahal wanted to end his life, broke the silence on divorce from Dhanashree

Indian cricket team's star spinner Yuzvendra Chahal has now made a big disclosure about his perso

Rahul Gandhi: 'The more noise you used to make at that time, the more silent today', Rahul attacks PM Modi over falling rupee

The Congress party has become an attacker of the Modi government after the rupee reached a histor

'I will go to Tihar again...', Kejriwal's emotional message two days before going to jail; gave this responsibility to the people of Delhi

Delhi Chief Minister Arvind Kejriwal will go to Tihar Jail on June 2. Before this, on Friday, he

GST Collection: GST collection in May stood at Rs 1.41 lakh crore, 16% less than April

The figures for GST revenue were presented by the Finance Ministry on Wednesday. According to thi

Sourness in India-Bangladesh relations! Yunus government called back two diplomats

India-Bangladesh relations After the formation of the interim government in Bangladesh, its relat

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