Record fall in rupee, collapse in front of dollar, common people will be affected like this

There has been a record decline in the rupee in front of the dollar on Thursday. The fall in the rupee means that along with imported goods, even children's education will be affected. On the other hand, the foreign exchange of the Government of India will decrease and India's trade deficit will increase.

Where on one hand the Government of India is engaged in internationalizing the rupee. By not giving value to the dollar, it is making an agreement with its close countries to trade in rupees. On the other hand, the international market is going through a period of decline in front of the dollar. Today i.e. on Thursday, the rupee closed at a record low level against the dollar in the Interstate Foreign Exchange market. Talking about the figures, today the rupee saw a fall of two paise and closed at its lifetime low of 83.10 per dollar. The two main reasons for the fall in the rupee are the strong dollar in the international market and the negative sentiment in the domestic market.

some visible figures

Forex traders said that the effect of risk aversion in the global market and increase in the US dollar has been seen on the sentiment of the rupee. The rupee opened at 83.10 in the Interstate Foreign Exchange Market. During the day, after touching a high of 82.99 and a low of 83.16, it finally closed at 83.10 per dollar (provisional), down two paise over its previous closing price. In the previous trading session, the rupee had declined by 26 paise to close at 83.08 per dollar against the US dollar.

fall in crude oil prices

The Interstate Foreign Exchange Market was closed on Tuesday on account of Independence Day and on Wednesday on account of Parsi New Year. Meanwhile, the dollar index, which reflects the US dollar's position against a basket of six major currencies, rose 0.05 per cent to 103.48. Crude futures were trading 0.52 percent lower at $ 83.88 per barrel. On the other hand, the BSE Sensex closed at 65,151.02 and the NSE Nifty closed at 19,365.25 with a loss of 99.75 points on Thursday, down 388.40 points.

Crude oil and natural gas will become costlier

The Indian rupee reaching a record low of 83.10 would mean a huge impact on crude oil and natural gas prices. About 80 percent of India's crude oil needs are met by imports, the effect of weak currency is likely to affect the common man as fuel costing may increase. Moreover, with fears of a global recession, the impact is likely to worsen.

Increase in transportation cost

Due to the increase in the prices of crude oil, there may be a rise in the prices of petrol and diesel and there may be an increase in the transportation cost. The effect of which can be seen in the prices of goods reaching different parts of the country. Due to which the prices of vegetables and fruits may increase and the prices of special items may increase.

The cost of foreign education will increase

The fall in the value of the Indian rupee directly affects the students and their parents studying abroad. According to experts, the fees for foreign education are paid in dollars, so the fall in rupee will affect the students getting foreign education the most. It would also mean that parents and/or students would have to spend more bucks to pay the same dollar amount. Along with this, it can also affect foreign trips, which will become expensive.