After crossing Rs 83 for the first time in the previous session, the rupee weakened to a new record low of 83.08 against the steadily strengthening dollar. According to market experts, investors are hesitant to take risks because of the impending slowdown, which has increased selling and the rupee is depreciating continuously. According to Bloomberg, the Indian rupee is currently trading at a level of 83.0925 against the dollar after opening at 82.9825 and reaching a new record low of 83.1212. According to domestic media reports, the rupee is trading with a fall of six paise at Rs 83.06.
The rupee depreciates 0.76 percent in a single day
After a volatile session in the previous trading session, the domestic currency had closed at its weakest level of 83.02 per dollar. On Wednesday, the rupee had lost 0.76 percent in a single trading day. The rupee has depreciated more than two percent so far in October. It has declined by more than 11 percent in this calendar year itself.
How much has the Indian rupee weakened against the dollar in eight years?
Information about this was shared by the Union Finance Ministry in Parliament. It has been told that in 2014 when the new government was formed at the Centre, the price of one dollar was Rs 63.33. By December 31, 2018, it fell to Rs 69.79 per dollar. After this, in 2019 this figure reached 70 rupees. This means the price of one dollar was 70 rupees.
Even during the Corona crisis, the price of Rs 70 was against the dollar
It remained at 70 even during the Corona period. However, after that, it registered a rapid decline. By June 30, 2022, the value of one dollar was Rs.78.94. The report tabled in Parliament was based on data up to 11 July 2022. Meaning, by July 11, 2022, the price of one dollar had become Rs 79.41. Now till today's date i.e. 20 October 2022, the value of one dollar has become 83 rupees 14 paise.
What is the condition of other neighboring countries?
The cost of one dollar in India is now Rs 82.32. But the situation in neighboring countries is even worse. The price of one dollar in Pakistan is 218.14 Pakistani Rupee. Similarly, one dollar in Sri Lanka is equal to 365.11 Sri Lankan rupees. China is in a strong position in this matter. 7.18 Chinese Yuan Renminbi is equal to one US Dollar. One US Dollar is equal to 131.74 Nepalese and 104.86 Bangladeshi Rupees. The worst situation is in Myanmar's currency. The price of one US Dollar in Myanmar is 2,095.81 Burmese Kyatso.
Why did the Finance Minister say that the rupee is not falling, but the dollar is getting stronger?
To understand this, we have learned economics Prof. Spoke to Pradeep Joshi. He said, 'Rupee falls or dollar strengthens. It's the same thing. However, the way of saying it is different. In both cases, the Indian people will suffer. Pro. Joshi further says, 'Nirmala Sitharaman wants to say that the Indian rupee is not weakening much compared to the currency of other countries. If we look at the figures, the Euro, British Pound, Australian Dollar, Canadian Dollar, Singapore Dollar, Swiss, Malaysian and Chinese currencies have weakened more against India in the past.
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