Kokani.me Kokani.me
Rupee all-time low:Indian rupee is depreciating day by day against US dollar. For the second day in a row, the rupee has depreciated to a historic low of Rs 84.30 against the dollar.
As foreign investors turn away from the Indian market, there has been a huge outflow of funds. This has directly affected the Indian currency and the Indian rupee is going to the lowest level. After the victory of Donald Trump in the US elections, the value of the US currency dollar is likely to increase further in the coming months. The fear of rupee depreciating further will remain.
The rupee closed at an all-time low on Wednesday
On Wednesday, the rupee closed at a low of 84.28 against the dollar. According to monetary experts, after Trump’s victory in the US presidential election, a significant increase in US growth is expected after tax cuts and deregulation. This will make the dollar more valuable compared to other world currencies. Foreign investors will prefer the dollar. Apart from this, the impact of rate hikes and tariff hikes are likely to depress the Euro and other Asian currencies as well. After that, difficulties are likely to increase for the Indian rupee.
New decline in dollar index
The dollar index is on the decline today, dropping 0.1 percent to 104.9. The Dollar Index is an index that shows the strength of the dollar against 6 world currencies. On Wednesday, the index fell to 105.12, a 4-month high.
How will rupee depreciation affect your pocket?
The weakness of the rupee threatens to create new problems for India. A stronger dollar means that India’s import value will directly increase. For example, if you had to pay 83 rupees for 1 dollar in October, now the amount will be 84.30 rupees. India imports the most crude oil from abroad. As the dollar becomes more expensive, more money will be spent to buy it.
Many things will be expensive in India?
- Due to the price of crude oil, India has to spend more on its imports. As a result, the prices of many goods in the country will become expensive.
- The appreciation of the dollar will affect the economy. Because India’s foreign exchange reserves, which are close to $700 billion, are likely to decline.
- A rise in the price of crude oil can also affect the prices of petrol and diesel, as it is used as a raw material for fuel.
Daily Ratnagiri Khabardar
ISO 9001:2015 certified
(RNI No. Mahmar/2013/57411)
Official Register Newspaper
16:39 07-11-2024
