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

Hackers demanded a ransom of ₹ 200 crores from Delhi AIIMS: Said- make payment in cryptocurrency; Delhi Police rejected the claim

Those who hacked the server of the country's largest government hospital AIIMS Delhi have demande

Kejriwal overpowered ED-CBI! Supreme Court gave an important decision; Read on which conditions he got bail.

Delhi Excise Policy Case Delhi's Chief Minister Arvind Kejriwal has got bail from Tihar Jail afte

Hijab Ban: A big decision on the Karnataka hijab ban may come soon, Supreme Court may pronounce the order this week

A big decision on the Karnataka hijab controversy may come before Supreme Court judge Justice Hem

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

'Whoever is near whichever ghat, should take a bath there' CM Yogi appealed to the devotees; said- do not pay attention to rumours

Prayagraj has become an ocean of Sanatanis on the holy bathing festival of Mauni Amavasya. In vie

Akash Deep's car, worth Rs 62 lakhs, became a noose around his neck; he was banned from driving, and he got a notice

Indian cricketer Akashdeep Singh was delivered a Fortuner vehicle without registration and a High

Operation Sindhu: 173 Indians returned to Delhi from Yerevan, Armenia; Thanks to PM Modi and Foreign Ministry

Even though the ceasefire between Iran and Israel has happened, India is continuously carrying ou

Team India: BCCI can give rest to big players before the World Cup, Shubman Gill's name also included in the list

Team India will tour Ireland after playing two Tests, three ODIs, and five T20s in the West Indie

Mumbai RA Studio: A man held children hostage in a studio in Powai, released a video threatening to set it on fire.

A shocking incident came to light on Thursday at Ra Studio in Powai, Mumbai. A man held 15 to 20

Rahul Gandhi Visit: Rahul Gandhi reached Amritsar, met flood victims in Ajnala, and Ramdas.

Leader of Opposition in Lok Sabha Rahul Gandhi, is on a visit to Punjab today. He will visit the

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