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Thursday, February 29, 2024

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Rupee Loses Value Against The US Dollar

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The rupee is losing more and more value against foreign currencies, especially the US dollar. Our local currency is not doing well in the foreign exchange market. It depends on the dollar or the euro for imports and exports. Given the global situation, it necessarily loses its value.

In the foreign exchange market on Monday morning (June 28), a US dollar was selling at Rs 42.95 against Rs 41.55 last Friday (June 25) and Rs 40.95 on June 1.

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The Central Bank, which regularly intervenes in the domestic foreign exchange market, in order to provide foreign exchange to banks, seems to have increased its rate, selling a dollar at Rs 42.50 this morning, compared to Rs 39.80 on March 1.

As a reminder, on April 15, 2018, one US dollar was worth Rs 34, this figure rose to Rs 40.90 on April 15, 2021, a depreciation of the rupee by about 20%. A difficult situation that may have a lot of import on our imports.

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