Rupee Slumps All Time Low: The rupee has come down to a record low between the withdrawal of foreign investors and the fall in the domestic stock market. The fall in rupee will have a direct impact on the pocket of the common man.
Rupee Slumps All Time Low: Due to the continuous withdrawal of foreign investors and the fall in the domestic stock market, the rupee has fallen to a record level. The Indian rupee has come down to the lowest level against the dollar. On Wednesday, the rupee depreciated by 19 paise to close at a new record low of Rs 78.32 per dollar against the US dollar. However, it saw an improvement on Thursday morning and it is running at Rs 78.24 per dollar.
The fall in crude oil limited the rupee’s losses.
Forex traders said that the dollar’s strength abroad also affected the rupee’s sentiment. However, a fall in crude oil prices in the international market limited the losses to the rupee. In the Interbank Foreign Exchange Market, the local currency opened flat against the dollar at 78.13. It saw a high of 78.13 and a record low of 78.40 during Thursday’s trading.
The rupee , which reached a record level of 78.32 on Wednesday,
Finally closed at a record low of 78.32, down 19 paise against its previous closing price. In the previous session, the rupee had closed at 78.13 against the US dollar. Sugandha Sachdeva, Vice-President, Commodity and Currency Division, Religare Broking said, “After hovering around the 78 mark for some time amid unhindered outflows from domestic equities and a strengthening dollar, the Indian rupee has set a new record against the dollar. went down to the lowest level.
Effect of Fed Reserve’s interest rate hike
Jatin Trivedi, Vice President, Research Analyst Division, LKP Securities said, “The rupee weakened to below 78.30 due to aggressive Fed Reserve’s stance and aggressive selling by foreign institutional investors in the Indian markets.”
How will it affect you?
Going down to the record low level of the rupee will have a direct impact on the pocket of the common man. The biggest impact of the fall in the Indian currency will be seen on imports. The prices of things imported into India will increase. 80 percent of crude oil is imported in the country, that is, India will have to pay a higher price for crude oil and foreign exchange will be spent more. In such a situation, oil prices may increase further.