The price of money is falling! Pull in the pocket of the common people. Rupee Slumps To All Time Low will make it difficult for the general people as it will make things expensive

G is a 24 hour digital bureau: Interest rate hikes by the US Federal Reserve have weighed on investor sentiment. The Fed Reserve has given clear indications that they will maintain their hawkish stance in the future. On Friday morning, the rupee fell by 25 paise and hit an all-time low of 81.09 against the US dollar. This is the lowest level the rupee has ever seen against the dollar. Earlier on Thursday, the rupee closed at 80.86 against the US dollar. Amid the currency’s devaluation, forex traders say investors are hesitant to take risks due to the Federal Reserve’s interest rate hike and tensions in Ukraine. Strength of the US currency in foreign markets, fall in domestic stock markets and rise in crude oil prices are also weighing on the rupee.

Forex traders say that all focus will be on the Bank of Japan and Bank of England’s monetary policy thereafter.

Analysts said the aggressive stance of the Federal Reserve and rising tensions between Russia and Ukraine boosted the dollar against several other currencies. They also said that even as the domestic economy strengthens, the current trend of currency depreciation may continue.

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Besides, it is also known that after the Federal Reserve increased the interest rate by 0.75 percent, the rupee fell further against the US dollar. The dollar reached its highest level in 20 years. That’s because the Fed has signaled a bigger hike in its upcoming review.

As money goes to the lowest level, it will directly affect the pocket of common people. Imports will have the biggest impact of falling Indian currency. Prices of imported goods in India will increase. 80 percent of the country’s crude oil is imported, which means India will have to pay higher prices for crude oil and spend more foreign exchange. In such a situation, oil prices are expected to rise further.

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The article is in Bengali

Tags: price money falling Pull pocket common people Rupee Slumps Time difficult general people expensive

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