30 Aug : News Express 24 :-
The rupee depreciation is still a matter of concern. The rupee rose to 70.82 against the dollar on Thursday. This is the biggest drop in rupee. The rupee had closed at 70.59 on Wednesday.
This has led to declining demand for dollar and higher foreign fund inflows. The demand for refinery companies has increased due to the rise in crude oil prices. Also, the rupee has been affected by the dollar’s strength in the overseas market.
— ANI (@ANI) August 30, 2018
Falling rupee is worrisome for the economy. This will directly affect the person’s pocket. This will increase consumer and electronic literary prices like fridges, TVs, acs and laptops. Customers will have to pay extra for this.
Many Asian currencies have seen a sharp decline in rupee against the dollar in the last few trades. The central government has to face criticism for the depreciating rupee. However, the decline of seventy-five paisa compared to the rupee is a composite impact of adverse global developments and domestic inflation concerns. The Finance Ministry and the Nitish Commission claim that the value of rupee has not been depleted at the actual effective exchange rates.
In the current year, foreign companies have withdrawn $ 28 million from Indian equities and bond markets, and the value of rupee is showing tension. Currency fluctuations have put pressure on the country’s foreign trade and the fiscal deficit. The trade deficit reached $ 18 billion in the last five years in June.