Historic fall in rupee, rupee reached near 93 against dollar; Will the burden on your pocket increase now?

Indian Rupee Falls to 93 Against Dollar: Iran war is emerging as a challenge for India’s economy. Due to this war, tension has arisen in the Middle East, due to which the price of crude oil has skyrocketed. Due to this, there has been a big fall in the rupee against the US dollar. The rupee fell to its historic low against the dollar on Thursday. At the same time, due to the fall in the stock market, there was pressure on the rupee.

On Wednesday, the rupee had closed at 92.01 against the US dollar. It also opened with a decline on Thursday. The rupee opened at 92.25 against the US dollar in the interbank foreign exchange market. After this it started declining. At one time it reached close to Rs 93 per dollar.

Reserve Bank intervened

The rupee fell 0.3% to 92.3575 during trading. It also crossed its previous record low (92.3475) of the same week. However, intervention by the Reserve Bank of India (RBI) helped prevent the rupee from falling further. Meanwhile, the dollar index, which reflects the position of the US dollar against six major currencies, stood at 99.47 with a rise of 0.24 percent.

2 main reasons for falling rupee

Crude oil prices have risen due to tension in the Middle East. On Thursday, the price of Brent oil once again crossed $ 100 per barrel. Iran has warned that the world should be prepared for $200 per barrel oil.
India imports most of its crude oil needs. There is a fear of India’s trade deficit increasing due to oil becoming expensive. This has a direct impact on the value of the rupee.

What is the impact of fall in rupee?

If the rupee continues to fall, it will have a deep impact on India’s economy. Import of electronics, crude oil etc. will become expensive.

• Studying abroad will also become expensive as more money will have to be spent to pay in foreign currency.
• Transportation of goods will be expensive due to which the prices of food items and other goods may increase.
• There will be pressure on Nifty and Sensex, because foreign investors (FIIs) can withdraw money due to weak rupee. Due to this, there will be a possibility of decline in the stock market.

Also read: Big explosion in silver prices, price increased by Rs 50 thousand in one stroke, will the record of Rs 3 lakh be broken again?

How much did the price of crude oil become?

Crude oil prices rose again on Thursday. Brent oil again crossed $ 100 per barrel. At 12 noon Indian time on Thursday, Brent oil was at around $ 99 per barrel, up by more than 7 percent. At the same time, American Oil (WTI) also increased by more than 7 percent. With this rise it was trading at around $94 per barrel.