Mumbai: Biggest fall sees in Indian rupee,Today the rupee is seeing a decline against the dollar. Rupee fell by 30 paise to 78.65 per dollar in today’s trade. This is the lowest level ever for the rupee. The rupee weakened on Wednesday due to weakness in the domestic stock market and the strengthening of the US dollar. The rupee had closed at 78.34 per dollar on Monday. At the same time, in the early trade today, 18 paise fell and opened at 78.52 per dollar. The fall increased in intraday and it also crossed the level of 78.60. The rise in crude oil prices in the international market also became the reason for the fall in the rupee.
Rupee opened 15 paise lower at 78.51 against the dollar in the interbank currency exchange market. 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 which the danger of increasing inflation has started looming.
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 their investments by foreign investors. Let us tell you that on February 23, 2022, before the start of the war, the rupee was at 74.62 rupees against the dollar. Experts believe that the rupee can fall to the level of Rs 80 against the 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 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 which common people will have to pay more price for palm oil to other edible oil.
From consumer durables to automobile companies, many of their parts are imported from abroad. The prices of these things may increase.