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

CM Yogi's big announcement regarding Azamgarh, said - we will build Aryaamgarh in the next five years

Chief Minister Yogi Adityanath attacked SP and Congress in the election public meeting

IND vs AUS: This Australian bowler is out of the Test series against India, doubt about playing three more players

The next match of the four-match Test series between India and Australia will be played in Indore

Operation Sindhu: Happiness on returning safely to India from troubled Iran, faces lit up after meeting family members; 1700+ have returned so far

Amid the two-week-long military conflict between Israel and Iran, India has launched Operation Si

WCL 2025 Semi Final: If India-Pak do not clash in the semi-finals, then... which team will get entry in the final? Understand easily here

The teams of India and Pakistan are once again in the headlines, as both teams are going to face

Case of calling student Kasab: Karnataka Education Minister said, we all use these words

MIT Prof Terrorist Remark: On the matter of a Manipal University professor calling a student "Kas

IPL 2024: RR had to score 27 runs in the last three overs, two bowlers not selected in the T20 World Cup team turned the match.

In the 50th match of IPL 2024, Sunrisers Hyderabad defeated Rajasthan Royals by 1-0. While chasin

Congress vs BJP: Once this leader was the strong voice of Congress, now he will speak BJP's language.

Before the Lok Sabha elections, Congress is facing one big blow after another. Economic affairs e

Big Change for Fuel Buyers: 90-Day Restriction on Bulk Purchase of Petrol and Diesel Announced

In a significant move aimed at managing fuel supply and ensuring availability for ordinary consum

Taliban's business deal: Afghan government will buy cheap oil, LPG, and wheat from Russia; This is the first agreement of the Taliban with any country.

On August 15 last year, the terrorist organization Taliban, which seized power in Afghanistan, ma

Chirag Paswan: The story of Chirag Paswan's journey from exile to becoming a cabinet minister, proved him to be a mature leader

Chirag Paswan is a great story of political transformation in Bihar and national politics. After

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