In the last trading week, the Indian rupee crossed the level of 81 and touched the level of 81.24 for the first time.
Today the rupee opened at 81.55 against the previous close of 80.99.
Rupee 1 rupee has weakened by 70 paise against the dollar in 3 trading sessions.
New Delhi. Rupee continues to depreciate against dollar. On Monday, 26 September, the price of one dollar reached 81 rupees 58 paise (Rupee Price Today). Today the rupee opened at 81.55 against the previous close of 80.99. It was 56 paise weaker than Friday’s closing price. Rupee 1 rupee has weakened by 70 paise against the dollar in 3 trading sessions. The dollar index has reached a high of more than 20 years. The country’s import bill is increasing due to the fall in the rupee. This has raised the possibility of rising inflation in the country.
At present, the inflation rate is more than the limit set by the Reserve Bank of India. At the same time, there is also a discussion of the Reserve Bank of India selling dollars on Friday to stop the fall in the rupee. In the last trading week, the Indian rupee crossed the level of 81 for the first time and touched a new record low (81.24). It closed 125 paise down at 80.99 per dollar on September 23, while it closed at 79.74 on September 16.
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fear of rising inflation
Crude oil and other commodities imports will become costlier due to fall to record low levels. This will increase inflation. India imports 85 percent of its oil and 50 percent of its gas. The depreciation of rupee may have an impact on domestic fuel prices. The Indian requirement of edible oils is also met through imports. BV Mehta, executive director of the Solvent Extractors Association of India, an association of millers, says that a fall in the rupee will increase the cost of imported edible oils. Ultimately the burden will fall on the consumers. Aditi Nair, Chief Economist, Icra Ratings, says that the favorable impact on inflation due to the reduction in commodity prices in the international market will be affected somewhat due to the fall in the rupee.
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India’s trade deficit reached $27.98 billion in August
Vegetable oil imports in August 2022 increased by 41.55 per cent to $1.89 billion as compared to the same period last year. India’s trade deficit more than doubled to $27.98 billion in August due to increased crude oil imports. Imports of petroleum, crude oil and products grew 87.44 per cent year-on-year to $17.7 billion in August this year.
What is the strategy of the central bank
According to a report by the State Bank of India, no central bank can stop the devaluation of its currency at the moment. The report said that the RBI will also allow the rupee to fall for a limited period. It said that this fall in the value of the rupee has come because of the strength of the dollar and not because of the domestic economic fundamentals.
RBI sold dollars
To stop the fall in the rupee, there is news of selling dollars in the last session of the Reserve Bank i.e. on Friday. Three traders told Reuters that the Reserve Bank of India sold dollars through state-run banks on Friday. The RBI has taken this step after the record fall in the rupee. A trader of a private sector bank said that RBI’s intervention at 81.20 level was very aggressive. 2 state-run bank traders also confirmed that RBI sold dollars.
Tags: business news in hindi, Dollar, Rupee weakness
FIRST PUBLISHED : September 26, 2022, 12:54 IST