Diabytes
Rupee fall News
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The weakening of the rupee against the dollar is not breaking news and we have become accustomed to it over the years. This is also because this decline has continued in this way in every government. But the big question is, how worrying is this fall in the rupee?
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For the first time in history, the Rupee hits all-time low of 80 against US dollar. The big question is, what message does this fall of the rupee send for the Indian economy?
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Even though the fall of rupee in India has not become a breaking news yet, but the big question is, is it really a challenge for our economy? With Anil Singhvi, Managing Editor, Zee Business, understand how the fall of the rupee will affect you.
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The report further said the Reserve Bank of India should have created a special window for oil marketing companies and have taken out USD 400-450 million daily dollar demand.
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OMCs will not be required to hedge their exposure.
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The rupee has depreciated more than 10 percent against the US dollar since January 2018 and was at Rs 72.1 against the dollar as of September 21.
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The source said there was no certainty that the proposed duty would be imposed.
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IMF has warned that the rupee depreciation would jack up the prices of imported goods.
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The meeting comes in the backdrop of the Indian currency touching its lifetime low.
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The RBI has increased the key lending rate twice in the recent past on inflationary concerns.
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The Indian rupee's unabated fall continued for the sixth straight session Wednesday, hitting yet another closing low of 71.75, down 17 paise against the US currency as surging oil prices and weak trend in emerging market currencies weighed on sentiments.
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We must bear in mind that dollar has strengthened against almost every currency, said Finance Minister Arun Jaitley.
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The rupee is expected to fall further to 69.50 by year-end.
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Extending its fall for the eighth straight session, the rupee today depreciated by another 5 paise to end at 67.49 per dollar on sustained demand for the US currency from banks and importers.
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The rupee is likely to "moderately depreciate" towards the 69 level in the next 9-12 months on the back of higher crude prices in the second half of next fiscal, a Citigroup report says.
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The forex reserves of India plunged to USD 351.73 billion, due to the RBI's attempt to stem the fall in rupee value and maintain the currency in it's comfort zone.
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As the rupee touched a new 2-year low, State Bank chairperson Arundhati Bhattacharya today said it must fall further to help domestic exporters.
As merchandise shipments continue to fall since last December, a top official in Commerce Ministry today attributed the declines to sharp fall in fuel prices overseas, which led to a dip in petroleum product exports.
The steep depreciation of rupee will not give an immediate advantage to the country's exporters, trade bodies said Monday.
IT stocks were in limelight Wednesday, gaining nearly 3 percent, as the stronger US currency boosts the sales of software firms in rupee terms.
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