Rupee vs Dollar: On the last trading day of the week i.e. Friday, a historic fall was seen in the Indian Rupee against the US Dollar. During trading, the rupee weakened against the dollar and fell to a record low of Rs 84 per dollar. Earlier on Thursday, the rupee had closed at 83.98 against the US dollar. Let us tell you that on July 19, 2022, the rupee had crossed the level of 80 against the US dollar for the first time and since then it is witnessing a continuous decline.
condition of dollar index
Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, was down 0.11 per cent at 102.87. Let us tell you that the Dollar Index – which measures the US currency against the Yen, Pound, Canadian Dollar, Swedish Krona, Swiss Franc and Euro.
Meaning of weakening of rupee
The weakening of the rupee also affects the economy. Crude oil imports will become expensive. Due to the cost of crude oil, the price of petroleum products like petrol and diesel will increase. The prices of those products which are imported in dollars will also increase. Indian students studying abroad will have to spend more in dollars for hostels, college fees, food and transportation.
stock market slowdown
Meanwhile, the Indian stock market remained sluggish on Friday. Both Sensex and Nifty indices were seen trading in the red. Last Thursday, BSE Sensex based on 30 shares closed at 81,611.41 points, up 144.31 points or 0.18 percent. At one time during trading it had climbed up to 535.74 points. National Stock Exchange’s Nifty also closed at 24,998.45 points with a gain of 16.50 points or 0.07 percent. At one time during trading it had climbed up to 152.1 points.
