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

Jagan Reddy wrote a letter to PM Modi on the Tirupati Prasad controversy, demanding to reprimand Naidu for spreading lies.

Amid the uproar over adulteration in Tirupati temple prasad, former Andhra Pradesh Chief Minister

'Please don't do this', Sonu Nigam was stoned, and students started throwing bottles and stones at the singer during the concert.

Music world's veteran singer Sonu Nigam often comes into limelight for some reason or the other.

ICSI CSEET 2022: Registration for Company Secretary Executive Entrance Exam November session begins, know exam pattern

ICSI CSEET 2022: The Institute of Company Secretaries of India (ICSI) has started the registratio

PM Modi: PM Modi's road show in Vadodara, Colonel Sofia Qureshi's family showered flowers; brother-sister said this

Prime Minister Narendra Modi is on a two-day visit to Gujarat. He started it with a road show in

UGC NET June 2025 Exam: UGC NET exam dates announced, admit card will be issued on this day; see full schedule

The National Testing Agency (NTA) has officially revised the exam dates for the UGC NET June 2025

COVID-19: 1190 new corona cases in India in 24 hours, active cases reduced to 16243

1,190 new cases of corona have been reported in India. With this, the active cases of corona in t

A mock drill will be conducted at five places in every district of Delhi, time has been fixed for each area.

On Wednesday evening, mock drills will be held at five places in every district of Delhi. War sir

LIC Share Price: LIC's shares are falling for nine consecutive days, the price has slipped 25 percent to reach here

The shares of the country's largest insurance company LIC are falling continuously and this proce

Pulwama Terror Attack: 'The sacrifice of the martyrs will always be remembered', PM Modi pays tribute to the soldiers on the 5th anniversary of the Pulwama attack

Today, five years since the terrorist attack that took place on 14 February 2019 in Pulwama, Srin

Pedestrians are 5.5 times at risk on speedy roads: Countries fixing speed limit of 32 km/h to reduce this

Road accidents are a major reason for untimely deaths in cities. To reduce these deaths, many cou

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