Rupee Vs Dollar: Indian Rupee Fall To All Time Low At 77.59 Dollars What Does It Mean To Common People
Rupee at All time Low: The fall in the Indian rupee is not taking its name and today it has once again made an all-time low. The Indian rupee has fallen to the lowest level of Rs 77.59 per dollar against the US dollar. Today the rupee opened was also on a strong decline and it made a low level as soon as the currency market opened.
At what level did the rupee open today?
The rupee’s declining trend continued today and the Indian rupee opened on a strong fall of 26 paise. Today the rupee has opened at 77.50 against yesterday’s close of Rs 77.24 per dollar and thus has made a direct dive of 26 paise down.
Why is the dollar rising and the rupee falling?
The dollar has strengthened due to the strong sentiment of rising interest rates due to the peak of inflation in the US markets and its effect is coming on the global currency market. In the inflation data that came yesterday, US inflation data has come at 8.3 percent in April, but in March it was at 8.5 percent, which was its peak in 40 years.
Inflation is still close to a 40-year high and it is believed that the US Federal Reserve will increase interest rates in the next Fed meeting to control it. Its direct effect will be seen in the form of further increase in dollar prices.
What will be the effect in India due to continuous rise of rupee
India’s import expenditure is expected to increase greatly due to the continuous rise of the rupee and this will make the import of essential commodities expensive in the country. Due to this there is a fear of reduction in the foreign exchange reserves of the country and it will also affect the common people.