Shock on rupee front, Indian currency fell against dollar

The rupee on Monday declined by 52 paise to close at 81.85 against the American currency at the Interbank Foreign Exchange market due to a weak trend in the domestic market and a rise in crude oil prices. The rupee opened at 81.26 at the Interbank Foreign Exchange market. Later, the rupee lost its early gains and at the end of trading it closed at 81.85 per dollar, down 52 paise. This is the biggest one-day fall in the rupee in more than six weeks.

How was the trend of rupee today?

The rupee touched a high of 81.25 and a low of 81.82 during the day. In the previous trading session, the rupee had declined by seven paise to close at 81.33 per dollar. Meanwhile, the dollar index, which shows the weakness or strength of the dollar against the six major currencies of the world, declined by 0.10 percent to 104.44. Global oil benchmark Brent crude futures rose 1.82 per cent to $87.13 per barrel.

BSE’s 30-share Sensex declined 33.9 points to close at 62,834.60 points. Anuj Chaudhary, research analyst at Sharekhan by BNP Paribas, said that due to weak market and high crude oil prices, the rupee declined on Monday. However, due to the weak dollar, there has been some curb on the fall of the rupee. According to stock market data, foreign institutional investors (FIIs) remained net buyers in the capital market and bought shares worth Rs 214.76 crore on Friday.

How will the rupee affect you?

Let us tell you 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.

Due to this, it will take more time to get the benefit of the fall in crude oil, because in the midst of the fall in prices, the import bill will increase due to the weakness in the rupee and this will keep the burden on the exchequer.

(with language input)