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Rupee weakens at record level of 72, finance minister Jaitley accounts for global economy causes

Thursday - September 6, 2018 3:49 pm , Category : WTN SPECIAL

Rupee declines, RBI measures proved insufficient

SEP 06 (WTN) - The rupee has broken all records compared to the US dollar. Rupee, today reached historical level of 72 against dollar. For your information, let you know that this is the lowest level of rupee so far. Earlier rupee had made a new record of 71. The dollar is constantly getting stronger in the international market. The difficulty of rupees is increasingly increasing India's problems. For your information, let you know that India imports a lot from abroad, but imports has become expensive due to rupee weakness.

The rupee was trading at 72.1 this morning. Due to the slowdown in crude oil prices and weak economy in emerging economies, the dollar is constantly going strong. However, the Reserve Bank had made certain measures yesterday to stop the rupee fall, but that was not much effective. Not only this, the dollar is also witnessing rapidly boom due to the fear of a trade war between the US and China.

Here, finance minister Arun Jaitley said yesterday, “The fall in rupee is coming from global causes.” He cited the figures saying that the position of rupees is better than other currencies. The rupee has lost 165 paise in the last six trading sessions on Wednesday. In this regard, the finance minister says, "If you look at the domestic economic situation and the global situation, then there will be no domestic factors. The reason behind this is global. "

Finance Jaitley further said, "Dollar is stronger than all the currencies. On the other side, the rupee has remained strong or in the limited range." He said, "The rupee has not weakened. It is stronger than other currencies such as pounds and euro."

Rupee is consistently weaker than the dollar and the reason behind it is global, but the loss of the weak rupee has to be borne by the Indian public. India imports 80 percent of its requirement of petrol and diesel and has to be paid in dollars. Due to weakening of the rupee, prices of petrol and diesel are increasing.

With diesel being expensive, the cost of transportation is increasing, which is causing inflation. If the BJP government does not get the control over it soon, the BJP could face a major defeat in the assembly elections of Madhya Pradesh, Rajasthan and Chhattisgarh in the last of the year.
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