The rupee has now reached its all-time low against the dollar. If you go to the currency market to buy one dollar at this time, you will have to pay Rs 83.61. On Friday, the last day of the week, when it closed at 48 paise against the dollar, it reached its all-time low.
The fall in rupee has many far-reaching consequences. The only advantage of this is that Indian exporters will now get a better deal than before, but if seen from the common man's point of view, it is going to cause many losses. It can even increase the prices of petrol and diesel. Let us know about these and also why this decline has been seen in the rupee?
Because of this the money came to the ground
If we investigate the reasons for the fall in the rupee, not only the rupee but also other Asian currencies have weakened on the Interbank Currency Exchange on Friday. The main reason for this is the withdrawal of foreign funds from the market. Due to this the sentiment regarding the rupee has weakened. During trading yesterday, the rupee closed at 83.61 against the dollar, but during the day it went as low as 83.65.
Earlier, the rupee had reached its lowest level on 13 December 2023. Then it had touched 83.40 against the dollar. Anuj Chaudhary, research analyst at Sharekhan by BNP Paribas, says that the dollar has also strengthened due to the weakness in the euro and pound. The reason for the fall in the euro was the Swiss National Bank (SNB) surprising the markets by cutting interest rates by 0.25% to 1.5%. This has increased the possibility of the European Central Bank (ECB) cutting interest rates in June 2024.
The pound also declined after the Bank of England kept the interest rate stable at 5.25 percent. Chaudhary said that America's strong economic data also supported the US dollar. Meanwhile, the dollar index, which reflects the position of the US dollar against six major currencies, rose by 0.31 percent to 104.32.
Will petrol and diesel become expensive?
This fall in rupee will affect the life of the common man in many ways. This will make imports expensive for India, which will make everything from crude oil to palm oil expensive. Due to this, the prices of petrol, diesel and edible oil may increase in the coming days in the country. Right now there is an election atmosphere in the country, in such a situation the prices may not increase, but the government may take some big decision after the elections.
Not only this, students who have gone to study outside India, now their stay there will become more expensive than before. The reason for this is that now their parents will have to send more money from here than before.
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