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Record fall in Rs.  Rupee slips below 83 against dollar, know details

Record fall in Rs. Rupee slips below 83 against dollar, know details

Rupee at Record Low: The decline in the Indian rupee continues and it has gone down by breaking the level of 83 against a dollar (Rupee vs Dollar) in the opening for the first time on Thursday, October 20, 2022. Rupee has recorded a fall of 6 paise in early trade today and it has come to the level of Rs 83.08 per dollar. At the same time, at 9.15 minutes, the rupee has reached about Rs 83.06 per dollar. On the last trading day i.e. 19 October 2022, there was a decrease of 66 paise in the rupee against the dollar and it closed at Rs 83.02. Experts are constantly expressing concern on the falling prices of rupee and they believe that soon it can touch the mark of 85.

Government is taking continuous steps
It is worth noting that the government is continuously taking big steps to control the falling prices of the rupee, but so far no success has been achieved in this. Rupee has been depreciating continuously in the last few days. Since the beginning of the year 2022, there has been a decline of more than 10% in the prices of the rupee. Since 2014 till now, the rupee has depreciated by 40.50%. In the month of May 2014, the rupee was at 58.58, which has now fallen to 83.08. India’s foreign exchange reserves have come down to the lowest level of the last two years. In such a situation, the demand for dollars is increasing continuously and there is a tremendous fall in the prices of rupee.

Federal Reserve depreciating rupee due to increase in interest rates
Many experts believe that the currency of the whole world including India is seeing a decline against the dollar. The biggest reason for this is that the US Federal Reserve is continuously increasing its interest rates to check inflation in the country. Due to the increase in dollar purchases in the markets, there is a huge decline in the currency of the whole world including the rupee. Due to the fall in other Asian currencies, it is also affecting the Indian rupee.

Falling rupee is bad for the economy
Let us tell you that the continuously weakening rupee against the dollar can prove to be very harmful for the Indian economy. Due to the falling rupee, oil companies will have to spend more money to buy oil. Along with this, the government will also have to spend more money for cooking oil and other import items, which will increase our import bill. Along with this, it will also affect millions of Indian children studying abroad and their parents will have to pay more fees for the education of their children. All this will ultimately have an impact on the economy itself.

The Finance Minister gave a statement on the falling prices of the rupee
Recently, in the US tour, Finance Minister Nirmala Sitharaman made a statement on the falling prices of rupee. He had said that the rupee is not weakening, we should see it in such a way that the dollar is getting stronger. Along with this, he had said that the Indian rupee is doing much better than the rest of the world’s currency.

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