Indian rupee falls to record low of 71 against us dollar
The rupee is continuously falling against the dollar. At the opening of the rupee on Friday, the rupee fell to the lowest level of 71 rupees per dollar. However, after some improvement, and 17 paise against the previous day, it was 70.91 dollars. The rising dollar demand at the end of the month and the rising prices of crude oil in the international market are affecting rupees.
On Thursday, the rupee had fallen 15 paise to close at 70.74. With the fall of 9.90 percent, the rupee is the worst performing currency in Asia. In August, the rupee declined by 3.30 percent. On Wednesday, Secretary of Economic Affairs Subhash Chandra Garg had said that the rupee could be between 68-70 rupees against the dollar, with foreign investors returning to the Indian market. In 2018, the rupee has dropped 10 percent and this is the worst case for Asian currencies. Due to the highest impact is on petrol and diesel prices. India imports 80% of crude oil. The price of crude oil has increased and due to the fall in the rupee oil companies are facing inflation. In the last 15 days, the price of diesel and petrol in the capital Delhi has increased by 1 rupee. Due to depreciation, education abroad and overseas travel have become expensive due to imports.