Rupee closes above 83 against dollar for the first time
There is a continuous decline in the Indian rupee. On Wednesday, the Indian rupee closed at an all-time low level against the US dollar. It closed at 83.01 with a fall of 61 paise. This is the first time that the rupee has touched this level at the end of trading. On the previous trading day, the rupee had declined by 10 paise to close at 82.39.
Will affect the common man
India imports a huge amount of many medicines, essential electrical goods and machinery. Most of the mobiles and gadgets are imported from China and other East Asian cities. If the rupee continues to depreciate like this, imports will become costlier and you will have to spend more.
Impact on day to day budget
India imports 80 per cent of its crude oil. The price of petrol and diesel will increase due to the cost of crude oil. This makes freight costly. In such a situation, due to the weakening of the rupee, the prices of everyday items used in the kitchen to the house can increase, which will burn a hole in your pocket. Also, due to the cost of petrol and diesel, the fare can also increase, due to which commuting can be expensive. India imports 60 per cent of the edible oil. It is bought in dollars. In such a situation, due to the weakening of the rupee, the prices of edible oils may also increase in the domestic market.
