The Indian rupee has recorded a record decline against the US dollar and has crossed Rs 87 for the first time.
Rupee falls heavy, slipped till 87.12
- At the beginning of the currency market, the rupee started trading at 87.06 per dollar with a decline of 42 paise.
- Within 10 minutes of starting the business, the rupee fell to 55 paise to 87.12 per dollar.
- This major fall in the rupee against the dollar has shocked the market.
Impact on economy
- Urine of rupee can make imports expensive, which can affect the prices of petrol-diesel and other goods.
- Investors now look at the policies of the Reserve Bank (RBI) and the government as to what steps they take to stabilize the rupee.
This historic decline of Indian rupee has become a matter of concern for investors and general public.
