Till now we were worried about the ever-increasing prices of crude oil. Now the rupee is also going to increase our difficulty. On Monday, the price of one dollar reached near 77 rupees (Dollar Rupee Exchange Rate). Expensive crude and weak rupee are not good for our pocket. In the coming days, this can increase our difficulty a lot. What is more worrying is that the economically weaker sections are hit more by inflation. This class is already suffering from the impact of Corona. Let us know what will be the effect of weak rupee and expensive crude on your pocket.
The rupee on Monday saw a sharp decline against the dollar. Rupee opened at 76.94 against dollar. Then by noon it fell further to reach the level of 76.97. On Friday, it closed at the level of 76.17. For the first time the rupee has come at the level of 76.94. Earlier its lowest level was 76.91, which it made in April 2020. The reason for the weakness in the rupee is believed to be the rise in crude oil prices.
The weakness in the rupee will have a direct impact on you. Due to this we will have to pay a higher price for imports. This will increase the price of imported goods in the domestic market. We import a lot of edible oils and pulses apart from crude oil. Due to the weakness in the rupee, these things can become more expensive. Their prices are already running high.
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Second, the depreciation of the rupee increases the cost of studying abroad. Millions of students of India study in countries like America, Canada, England. Their expenses will increase. Apart from this, going abroad will become expensive. If you are going abroad for vacation or any other work then you will have to spend more. Companies that have taken loans in foreign currency, their difficulties will increase. This is because they have to pay more in the form of interest.
On Monday, crude had briefly touched $139 a barrel on Monday. However, it softened a bit later. According to Indian time, the price of Brent crude was $ 128 per barrel at around 2 o’clock in the day. Experts say that expensive crude can cause a lot of damage to the Indian economy. According to one estimate, if the average crude price is $100, the current account deficit can reach 3 percent of GDP.
Petrol and diesel prices will increase as crude becomes expensive. It will be expensive for you to go to the office. This will also have an impact on the transportation cost. Due to this, most things from fruits and vegetables will become expensive. In fact, the rise in fuel prices has a direct effect on inflation. Retail inflation already seems to be moving out of the RBI’s prescribed range. The cost of everyday things will have a direct impact on your family budget. People are already troubled by the high prices of petroleum and edible oils. In such a situation, their problems may increase in the coming days.
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