Rupee at All-Time Low: The rupee witnessed a historic fall on Tuesday against the dollar. Due to heavy selling by investors, the rupee fell for the first time by 49 paise to Rs 78.85 against a dollar. At the end of today's trade in the currency market, it has closed at Rs 78.77 against one dollar.
The rupee battered against the dollar
In the interbank currency exchange market, the rupee opened at 78.51, down 15 paise against the dollar. But due to heavy selling by investors, it fell to Rs 78.85. In fact, due to the rise in the prices of crude oil in the international market, there has been a rise in the prices of crude oil in the international market. Due to this the danger of increasing inflation has started looming.
Why did the rupee fall?
The rupee has been depreciating against the dollar continuously since the war between Russia and Ukraine. The rupee has fallen to its all-time low of Rs 78.85 against the dollar due to the withdrawal of its investments by foreign investors. Let us tell you that on February 23, 2022, before the start of the war, the rupee was 74.62 rupees against the dollar. Experts believe that the rupee can fall to the level of Rs 80 against the dollar.
What will be the effect of an expensive dollar
India will have to bear the big brunt of the costly dollar. Government oil companies (Oil Marketing Companies) buy crude oil by paying in dollars. If the dollar becomes expensive against the rupee and the rupee depreciates, then state-owned oil companies will have to pay more dollars to buy crude. This will make imports expensive and common consumers will have to pay higher prices for petrol and diesel.
Lakhs of children from India are studying abroad, whose parents send from fees to living expenses. Their studies abroad will become expensive. Because parents will have to buy dollars by paying more money so that they can pay the fees. Parents will have to bear the brunt of the expensive dollar.
Edible oil is already expensive, which is being met by imports. If the dollar becomes expensive, importing edible oil will be even more expensive. To import edible oil, more foreign exchange will have to be spent. Due to this common people will have to pay more price for palm oil than for other edible oil.
From consumer durables to automobile companies, many of their parts are imported from abroad. The prices of these things may increase.
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