Users of online platforms couldn’t resist reacting to the new low against the dollar amid weakness in domestic shares. A rise in global crude prices also weighed on the domestic currency. The rupee fell to 78.68 against the US dollar at day’s lows.
The rupee fell to 78.68 against the US dollar at day’s lows. On Monday, the rupee declined by 4 paise to close at its life-time low of 78.37 against the US dollar.
“Indian rupee spot notched a fresh record law against dollar index on 28th June, owing to continued sell-off in equity markets coupled with elevated crude oil prices, which might weigh down on the net importer’s fiscal balance” Jigar Trivedi- Research Analyst -Commodities and currencies fundamental, Anand Rathi Shares and Stock broker said.
“Going forward, we expect the rupee spot to depreciate towards 80/81 levels by the year end as twin deficits add to pressure on the emerging market currency. The Fed is expected to hike rates by 75 bps in the July meeting, while the RBI meeting is not due until August, which could narrow the yield differentials between India and US, might further weigh down on rupee” he added.
The dollar is up nearly 6% so far this year against the Indian rupee. Oil prices rallied for a third day today as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while political unrest in Libya and Ecuador added to those supply concerns.
As soon as the Indian currency hits the new low, users of online platforms started criticizing the current Indian government. “Rupee hits an all time low of 78.57 against US dollar and we are still debating on caste and religion” an online user said whereas another one wrote “Rupee has slipped to an all time low of 78.57 against dollar. Just a reminder, the promise in 2014 was to bring dollar to 40 Rs”
Here’s some of the reactions :
Rupee hits an all time low of 78.57 against US dollar and we are still debating on caste and religion. pic.twitter.com/uZ0ZaPl9Eu
— mood swinger 🇮🇳 (@memes_disorder) June 28, 2022
Meanwhile, the news that doesn’t concern Indians anymore.
Rupee has slipped to an all time low of 78.57 against dollar. Just a reminder, the promise in 2014 was to bring dollar to 40 Rs.
Will Sold Media dare to speak on this?
— Anshuman Sail (@AnshumanSail) June 28, 2022
Rupee depreciates to a fresh all time low of 78.6 to the dollar.
Indias current monthly trade deficit is about $ 20 b, we are importing a lot more than we are exporting.
Rupee depreciation will further impact inflation adversely.
— Nikhil Kamath (@nikhilkamathcio) June 28, 2022
May 2014 :- 1 US Dollar = 58.57 Rupee
June 2022:- 1 US Dollar = 78.32 Rupee
— Enugu Bharath Reddy (@BharathReddyTRS) June 24, 2022
Rupee slips to a new all-time low of 78.57 against dollar. We still playing ED and Arrest#RupeeVsDollar
— Sehba Ali Saifi (@ali_sehba) June 28, 2022
On 17 May 2014 (when Dr Manmohan Singh demitted the office of PM)
1 US Dollar= 58.57 Rupee,
On 23 June 2022, today:-
1 US Dollar= 78.32 Rupee.
Modi ji, In your Regime , Indian Rupee has become the worst performing Currency.
— Nitin Agarwal (@nitinagarwalINC) June 23, 2022
@SriSri, Modi is in power for Past 8 years.
— Madhu 🤚 (@Vignesh_TMV) June 24, 2022
— Rana Dev Rajbanshi (@rajbanshi9_rana) June 28, 2022
In the long run, Swiss Money will be back.
In the long run, Petrol will cost Rs 35.
In the long run, Rupee will be equal to Dollar.
In the long run, there will be 2 Crore Jobs in a year.
In the long run, Demonitisation will end all Black Money.
In the long run, WE ARE ALL DEAD. https://t.co/VTcKaTZQJd
— Andh-Bhakt (@NarendraMoMo) June 20, 2022