Rupee Vs Dollar News Update: The biggest fall in the rupee against the dollar has been seen so far. Due to the weakness of rupee against the dollar in the currency market, the rupee has slipped to an all-time low of Rs 84.50 for the first time. The rupee has fallen to its historic low due to the strengthening of the dollar after Donald Trump’s victory in the presidential elections in America and selling by foreign investors in the Indian equity and bond markets.
Dollar is getting stronger due to global tension
On Friday, November 22, 2024, the value of rupee against one dollar in the currency market has slipped to the level of Rs 84.5025. In the month of November, foreign investors have withdrawn investments worth $4 billion from the Indian equity and bond markets. Due to Israel-Iran and Russia-Ukraine tensions, the dollar is also strengthening, against which currencies around the world are weakening, including the Indian currency rupee.
US dollar index rises
The US Dollar Index, which tracks the performance of the dollar against six major currencies, has seen a rise of more than 3 percent this month. After Donald Trump assumes the presidency next year, it is believed that inflation may increase due to his policies, due to which the chances of the US Federal Bank cutting interest rates are decreasing, due to which the dollar will also fall. The rupee is getting stronger and the rupee is becoming weaker.
Inflation will increase in India!
There is a danger of inflation increasing in India due to the strengthening of the dollar and weakening of the rupee. Especially for whatever things India imports for its consumption, it may have to pay higher prices. The price of crude oil may have fallen below $75 per barrel, but due to the weakness of the rupee against the dollar, Indian oil companies will have to spend more rupees to import crude oil by paying in dollars. India imports edible oil and pulses to meet its consumption, which will now become more expensive to import. Import of electronic gadgets and automobile ports will also be expensive. Besides, parents whose children grow up abroad will have to spend more money to send dollars, which will increase the burden of inflation.
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