Market and Business News

MUMBAI: The Indian rupee weakened for the past one month on Tuesday. Today, the rupee hit a 15-month low against the dollar in July 2020. At the end of the session, the rupee had lost 19 paise to close at 6.5 against the dollar. At one point in the session, it had dropped to 7.5. The rupee has depreciated by 2.4 per cent against the dollar in the past one month, the weakest against the dollar in all Asian currencies since the yen. For an economy like India, the weakening of the local currency against the dollar is a matter of concern as the country's imports exceed its exports. That is, people depend on imported goods for domestic consumption. India's major imports include crude oil, cooking gas, coal chemicals, pharmaceuticals, bulk drugs, edible oils. As the rupee weakens, imports of these items become more expensive and this can lead to higher inflation. In times of hardship in Corona, when the population is plagued by inflation, the growth of the currency in this way can...

MUMBAI: The Indian rupee weakened for the past one month on Tuesday. Today, the rupee hit a 15-month low against the dollar in July 2020. At the end of the session, the rupee had lost 18 paise to close at 6.5 against the dollar. At one point in the session, it had dropped to 7.5. The rupee has depreciated by 2.4 per cent against the dollar in the past one month, the weakest against the dollar in all Asian currencies since the yen. For an economy like India, the weakening of the local currency against the dollar is a matter of concern as the country's imports exceed its exports. That is, people depend on imported goods for domestic consumption. India's major imports include crude oil, cooking gas, coal chemicals, pharmaceuticals, bulk drugs, edible oils. As the rupee weakens, imports of these items become more expensive and this can lead to higher inflation. In times of hardship in Corona, when the population is plagued by inflation, the growth of the currency in this way can...