Rupee breaks all the records of history
Wednesday - August 29, 2018 4:50 pm ,
Category : WTN SPECIAL
Weakness of rupee continues, crosses 70.50 barrier
AUG 29 (WTN) - Be prepared for inflation! Why are we saying this? Because, the historical decline has been recorded in the rupee against the dollar. The rupee has reached the lowest level till now. During trading in the money market, the rupee crossed the level of 70.50 for the first time. For your information, let you know that the rupee has fallen 42 paise and it slipped to 70.52. The rupee was open at the level of 70.32 with a weakness of 22 paise against the dollar.
Seeing the decline in rupee against dollar, market analysts believe that this decline will continue even further. However, yesterday, there was a slight recovery in the rupee during the business. The rupee had closed at the 70.10 level with a gain of 6 paise. But, today again the rupee has seen a decline.
For your information, let you know that the rupee had reached the lowest level ever till August 16, at 70.40. Significantly, the rupee is weakening against the dollar's continuous strength, while the international market has seen prices of crude for the last few days. However, on Tuesday, weakness in crude prices was noticed.
The rupee is going to be weaker than the dollar; the people of the country are paying the price of petrol and diesel expensive. Oil companies will have to spend more on importing oil than the dollar's strength. For your information, let you know that India imports approximately 80% of its crude oil.
As you know, diesel is used to transport food items and other essential goods. If diesel is expensive, then all the prices of these essential commodities will increase.
The automobile sector will have the advantage of dollar’s being stronger than Rupee, with IT and pharmacy sector. The excess earnings of the companies related to these sectors are based on exports. In such a case, the strength of the dollar will be of great benefit to IT companies such as TCS, Infosys, Wipro, as well as pharmaceutical companies operating in the US market. Apart from this, gas producers like ONGC, Reliance Industries, Oil India Ltd will get the advantage of this as these companies sell fuel in dollars.
AUG 29 (WTN) - Be prepared for inflation! Why are we saying this? Because, the historical decline has been recorded in the rupee against the dollar. The rupee has reached the lowest level till now. During trading in the money market, the rupee crossed the level of 70.50 for the first time. For your information, let you know that the rupee has fallen 42 paise and it slipped to 70.52. The rupee was open at the level of 70.32 with a weakness of 22 paise against the dollar.
Seeing the decline in rupee against dollar, market analysts believe that this decline will continue even further. However, yesterday, there was a slight recovery in the rupee during the business. The rupee had closed at the 70.10 level with a gain of 6 paise. But, today again the rupee has seen a decline.
For your information, let you know that the rupee had reached the lowest level ever till August 16, at 70.40. Significantly, the rupee is weakening against the dollar's continuous strength, while the international market has seen prices of crude for the last few days. However, on Tuesday, weakness in crude prices was noticed.
The rupee is going to be weaker than the dollar; the people of the country are paying the price of petrol and diesel expensive. Oil companies will have to spend more on importing oil than the dollar's strength. For your information, let you know that India imports approximately 80% of its crude oil.
As you know, diesel is used to transport food items and other essential goods. If diesel is expensive, then all the prices of these essential commodities will increase.
The automobile sector will have the advantage of dollar’s being stronger than Rupee, with IT and pharmacy sector. The excess earnings of the companies related to these sectors are based on exports. In such a case, the strength of the dollar will be of great benefit to IT companies such as TCS, Infosys, Wipro, as well as pharmaceutical companies operating in the US market. Apart from this, gas producers like ONGC, Reliance Industries, Oil India Ltd will get the advantage of this as these companies sell fuel in dollars.
