Rupee at record low against dollar, burden on the country will increase, after stock market, foreign exchange market also crashed

Rupee against Dollar: The Indian rupee has also reached a record low against the US dollar after the fall in the Indian stock market. The rupee fell to a low of 83.86 against the US dollar on Monday after crossing the level of 83.75 against the dollar on Friday. The rupee has fallen against the dollar due to the slowdown in the US, the fall in the stock market and the rise in the dollar index along with the selling of foreign investors.

Ajay Kedia of Kedia Commodity has said that the fear of recession in America has put foreign investors in the Indian capital market in trouble. Due to this, a huge decline has been seen in the emerging markets. The impact of the large sell-off of shares by foreign investors is also being seen on the rupee.

The report says that the loss of jobs in America has created a crisis in the global market and has raised fears of recession. On the other hand, the geopolitical crisis has also increased.

Now what?

As the rupee weakens, the burden on the government will increase. Along with this, the tension of foreign exchange traders has also increased. Imports in India are likely to become expensive. The increase in crude oil prices can affect India's economic condition. RBI can take steps to handle the rupee. RBI can start selling dollars on a large scale. Dollar sales of government banks may increase.

Petrol and diesel will become expensive!

The increase of one rupee in the price of the dollar has increased the burden of Rs 8,000 crore on oil companies. The weakening of the rupee will make the import of petroleum products expensive. HPCL, IOC and BPCL may increase the domestic prices of petrol and diesel. The increase in diesel prices will increase freight, which can increase inflation. Apart from this, India also imports edible oil and pulses on a large scale. The weakening of the rupee may increase the prices of edible oil and pulses in the domestic market. Due to which they are being forced to increase the prices of petrol and diesel. A 10 percent increase in petroleum product prices is likely to increase inflation by about 0.8 percent. This directly affects your food and transportation costs.