New Delhi: The condition of the Indian Rupee is deteriorating day by day. The rupee has fallen by 16 paise to the lowest level of 82.33 against the dollar in early trade. The rupee had closed at 81.88 in the previous session. Let us tell you that India imports a huge amount of many medicines including essential electric goods and machinery. If the rupee continues to depreciate like this, imports will become costlier and you will have to spend more. Let’s know how the falling rupee will affect your life…
What will be expensive
Edible oil
Due to the strengthening of the dollar and depreciating rupee, the prices of edible oils may increase in the domestic market. Because India imports 60 percent of edible oil. It is bought in dollars.
Petrol-diesel
India imports 80 percent of crude oil and for this payment has to be made in dollars. If the dollar is expensive, then crude oil will also be expensive. Due to this, the price of petrol and diesel will increase and in such a situation, due to the weakening of the rupee, the prices of everyday items from the kitchen to the home can increase.
Medicines and electronic goods
India imports a large number of medicines including essential electrical goods and machinery. Most of the mobiles and gadgets are imported from China and other East Asian cities. If the rupee continues to depreciate like this, imports will become costlier.
Foreign travel
Indian students studying abroad have to pay in dollars for accommodation, college fees, food, and transportation. In such a situation, due to the weakening of the rupee, those students will have to spend more money than before.
Employment opportunities will decrease
Explain that Indian companies raise huge amounts of debt from abroad at cheap rates. A weakening rupee makes it costly for Indian companies to raise debt from abroad. This adds to the cost and she postpones her business expansion plans. This can reduce employment opportunities in the country.
