Currently Indian Rupee is very weak against US dollar

Now the Indian Rupee is very weak against the US Dollar. 83 rupees 33 paise is required to buy one dollar. This is the highest value of the dollar in the last one year. The last time the dollar was at such a strong level was in October last year.

The currency weakened as foreign investors withdrew huge amounts of funds from India. Volatility in stock markets due to the effects of the ongoing war in the Middle East and high prices of crude oil in the international market also played an important role in weakening the currency.

The price of the dollar was 83 rupees 26 paise at the time of trading in the currency exchange market. During the transaction, 83 rupees 35 paise had to be calculated to buy one dollar at a time. At the end of the transaction, the dollar price was 83 rupees 33 paise. In the opinion of Sharekhan research analyst Anuj Chowdhury, the Indian Rupee will further weaken against the dollar and fall to the level of 83 rupees 60 paise.

To keep the rupee under control against the dollar, the Reserve Bank of India maintains a huge foreign exchange reserve, one of the largest in the world. When the dollar is expensive in the market, the Reserve Bank withdraws foreign currency from its reserves and makes it available at a lower price, thereby improving the value of the dollar. Therefore, it can be said that Reserve Bank of India intervention will be required in the coming days to strengthen the currency. The Reserve Bank has taken such steps in the past.

The value of the dollar has a major impact on the Indian economy. The dollar has the power to influence every sector. From edible oil to small general machinery, India is importing a wide range of goods. They have to pay in dollars to buy those things. When the dollar is expensive, more money will be charged for imported goods.

If it enters the country at a higher price, it will be sold at a higher price in the market. This will destabilize the Dardam situation. Crude oil, gold, edible oil and various types of food grains are also being imported. If they are expensive, the general public will be severely affected. Similarly, people who educate their children abroad will have to send more money for the same. Traveling abroad will cost more.