Rupees Vs Dollar: Rupee continues to fall against dollar, know what was the reason
The rupee lost 6 paise to close at 81.70 (provisional) against the US dollar. Losses have been limited due to weakening of the dollar in overseas markets and increase in fresh foreign investment.
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The rupee on Friday depreciated by six paise to close at 81.70 (provisional) against the US dollar at the Interbank Foreign Exchange market amid a weak trend in the domestic equity market and a rise in crude oil prices. Losses have been limited due to weakening of the dollar in overseas markets and increase in fresh foreign investment. The rupee opened higher at 81.59 at the Interbank Foreign Exchange market.
Rise in crude oil
After touching the day’s high of 81.52 and low of 81.78 during the day, the rupee finally settled down by 6 paise at 81.70 against the American currency.
The rupee had closed at 81.64 per dollar on Thursday. Meanwhile, the dollar index, showing the weakness or strength of the dollar against six major currencies of the world, declined by 0.28 per cent to 106.39. Global oil benchmark Brent crude futures rose 0.36 per cent to $90.10 per barrel. At the same time, the 30-share Sensex of BSE closed at 61,663.48 points with a fall of 87.12 points. According to stock market data, Foreign Institutional Investors (FII) have been net buyers in the capital market. He bought shares worth Rs 618.37 crore on Thursday.
How does money affect your life?
Please tell that the effect of rise and fall in rupee can be seen on the life of common people. This is also being seen in the form of inflation rate in recent times. Weakness in the rupee nullifies the effect of any shortfall in the commodity imported from the international market. Because of this, it takes more time to get the benefit of the fall in crude oil, because the import bill increases due to the weakness in the rupee amid the fall in prices and this keeps the burden on the exchequer.
At the same time, the common man gets the benefit when the prices of commodities fall in the global market and the rupee becomes stronger against the dollar. Common people get relief on the inflation front only when commodity prices fall in the global market and the rupee strengthens.
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