There is a continuous decline in the value of the Indian currency. On Wednesday, the rupee closed at an all-time low against the US dollar. It closed at 83.01 with a fall of 61 paise. This is the first time that the rupee has touched this low at the end of trading. On the previous trading day, the rupee had declined by 10 paise to close at 82.39.
Let us tell you that India imports a huge amount of many medicines including essential electrical goods and machinery. Most of the mobiles and gadgets are imported from China and other East Asian cities. If the rupee continues to depreciate like this, imports will become costlier and you will have to spend more.
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India imports 80 per cent of its crude oil. The price of petrol and diesel will increase due to the cost of crude oil. This makes freight costly. In such a situation, due to the weakening of the rupee, the prices of everyday items used in the kitchen to the house can increase, due to which your pocket will be lighter.
Also, due to the cost of petrol and diesel, the fare can also increase, due to which commuting can be expensive. India imports 60 per cent of the edible oil. It is bought in dollars. In such a situation, due to the weakening of the rupee, the prices of edible oils may increase in the domestic market.