Rupee ‘falling’ may be ‘expensive’
Friday - July 20, 2018 12:38 pm ,
Category : WTN SPECIAL
Rupee slips to 69.12 against dollar, inflation may rise
JULY 20 (WTN) – Today, the rupee went up to its lowest level of 69.12 against the dollar as the market opened. Earlier yesterday, the rupee had closed its record at the lower level. On Thursday, the rupee was down by 43 paise and closed at 69.05. This was the worst closing of the rupee so far. Not only that, the weakness of 43 paise was the biggest fall of one day after May 29.
Earlier, on June 28 this year, the rupee had gone down to a record low of 69.10 against the dollar. After which it was believed that the rupee would soon reach 70, but the situation improved and the rupee was successful in recovering.
If the rupee weakens against the dollar, importing petroleum products will be expensive. If the import of crude oil is expensive, then oil companies will increase domestic prices. For your information, let you know that India imports about 80% of its crude oil requirement.
At the same time, if diesel becomes expensive, it is natural that the cost of transport will increase, if this happens then it may increase inflation.
For your information, let you know that India imports pulses on a large scale. If the rupee weakens, then the price of pulses in the domestic market will increase due to which the ‘food thali’ of the general public will be expensive.
In fact, since the beginning of 2018, the rupee is steadily weakening. According to the information, the rupee has been ‘broken’ almost 7 percent so far this year. Before today, the rupee was at the lowest level with 68.80 on August 28, 2013.
If the RBI does not take any action soon, then the rupee can reach 70 soon. If this is so, due to such a decline of rupees, there would be difficulty for Modi government to answer the people.
JULY 20 (WTN) – Today, the rupee went up to its lowest level of 69.12 against the dollar as the market opened. Earlier yesterday, the rupee had closed its record at the lower level. On Thursday, the rupee was down by 43 paise and closed at 69.05. This was the worst closing of the rupee so far. Not only that, the weakness of 43 paise was the biggest fall of one day after May 29.
Earlier, on June 28 this year, the rupee had gone down to a record low of 69.10 against the dollar. After which it was believed that the rupee would soon reach 70, but the situation improved and the rupee was successful in recovering.
If the rupee weakens against the dollar, importing petroleum products will be expensive. If the import of crude oil is expensive, then oil companies will increase domestic prices. For your information, let you know that India imports about 80% of its crude oil requirement.
At the same time, if diesel becomes expensive, it is natural that the cost of transport will increase, if this happens then it may increase inflation.
For your information, let you know that India imports pulses on a large scale. If the rupee weakens, then the price of pulses in the domestic market will increase due to which the ‘food thali’ of the general public will be expensive.
In fact, since the beginning of 2018, the rupee is steadily weakening. According to the information, the rupee has been ‘broken’ almost 7 percent so far this year. Before today, the rupee was at the lowest level with 68.80 on August 28, 2013.
If the RBI does not take any action soon, then the rupee can reach 70 soon. If this is so, due to such a decline of rupees, there would be difficulty for Modi government to answer the people.
