Rupee falling against dollar, reaches all-time low, know what will be the impact on the pockets of common people
The rupee is witnessing a continuous decline against the US dollar. Yesterday i.e. on Friday, the rupee fell by six paise against the US dollar and closed at an all-time low of 83.40 per dollar. The rupee exchange rate declined amid increased dollar demand from importers and weak trend in Asian currencies. Foreign exchange traders said that the slowdown in the domestic stock market has also affected the local currency. The rupee opened at 83.33 against the dollar in the interbank foreign exchange market. The rupee fluctuated in the range of 83.33-83.40 per dollar during trading. At the end of trading, the rupee closed at its all-time low of 83.40 against the US currency, six paise lower than its previous close. Earlier on Thursday, the rupee had closed at 83.34 against the American currency.
This will affect your pocket
The biggest impact of the fall in rupee falls on imports. This makes imports expensive. At the same time exports become cheaper. The reason for this is that it takes more money to pay for the same quantity of imports. It takes buyers fewer dollars to pay for the same quantity of exports. At the same time, the impact of the fall in the rupee falls more on those importers who are badly affected by the increase in the value of the rupee per dollar. However, falling rupee proves to be positive for exporters as they get more rupees against the dollar.
Will affect the price of oil
According to experts, India imports about 80 percent of its total oil. As the rupee falls, the import bill for crude oil will also increase. Due to this, the prices of petrol and diesel may increase. At the same time, the fall in rupee also has a direct impact on those students who are planning to go abroad for studies. Due to weakening of rupee against dollar, it will become expensive for Indian students to pursue education abroad. Falling rupee is a profitable deal for exporters. Because they will get more amount by converting the foreign currency payment into Indian Rupees.
