Rupee Hits A New Low Against US Dollar!! Internet Reacted

Written by Dhiwaharan Published on Jun 28, 2022 | 04:36 AM IST | 272

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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.

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“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.

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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 :

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