According to sources the Indian rupee reversed all the gains made earlier in the day to close at an all time low of Rs 71.21 per dollar on Monday, tracking a weak trend among its global peers and amid concerns of a wider trade deficit. Meanwhile as per report for the first time ever, the rupee closed below the 71 mark following the weak trend in emerging market currencies and rising crude oil prices.
Earlier on August 16, the rupee had fallen to a record low of Rs 70.20 per dollar. Moreover the value of the Rupee has been falling since the beginning of 2018 and is reported to have slipped around 9% this year and it has also been reported that a heavy sell off in global currencies increased the demand for safe haven assets and caused the value of the rupee to go down. Furthermore according to analysts, this crisis reflects Turkey’s refusal to raise interest rates to curb double digit inflation.
Recently this fall of the rupee against the dollar will go on to affect
the buying capabilities of the country, in relation to imports and hence it
will also start inflating household expenses and affecting personal budgets. Moreover
Indian students who have taken loans to fund their foreign degrees will also be
affected since students pay for their living expenses abroad in foreign
currency but their loans are in Indian Rupees. Further the experts opine that
the consecutive hike in RBI repo rate is also a contributory factor to the
falling value of the Indian Rupee.
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