Never Before It Reached 71 Rupees per dollar
If in the past few days you have been hearing that Rupee’s value is falling off at a fast pace then be ready for another shock. For the first time in history Value of Rupee falls down to 71 Rupees per dollar. This is something that never ever has happened in the history till now.
At the time of demonetisation there were many opinions many economists saying that this was a good step in and all. Now as per the records and falling economy rate it doesn’t seem like it. Rupee for the first time has reached to 71 Rupees per dollar. The bad thing is that the rate doesn’t seem to stop going down. Imagine that you might have to see a time when rupee falls off to 80 Rupees per dollar. What would happen? Right now it stands at 70.91 Rupees per dollar.
It has been reported that due to the increasing demand for dollar and increasing prices of oil day day has led to so. 9.90 percent reduction in its value, Rupee has now become Asia’s baddest performing currency. In the month of August there has been a total of 3.30 percent reduction in the price of Rupee alone.
On Wednesday, the economic affairs secretary Subhash Chandra Garg reported that foreign after return of foreign investors in India the rupee might fall between Rs 68-70 per dollar. In a total there has been a 10% fall in the price of Rupee in the year 2018 which is the most fall ever seen India ever. In Asia it is the baddest condition in all countries. Due to this, education in foreign countries, expenses and other things have increased. Can you believe that 5$ now mean approximately 350Rs which earlier was just 307 Rs.
The highest effect has been seen in the cost of petrol and diesel. India consumes 80% crude oil. Crude Oil’s cost have increased. Due to the decrease in value of Rupee the oil companies are facing a lot of problems.
The Value of Rupee falls is a very popular topic on social media. In the morning of August 31 it was trending at number 2 position on twitter. It became number one at 11:30 A.M. Without a doubt there were many people who started posting memes on Narendra Modi as they believe that all this has happened due to demonetisation. Well, do you believe so? Comment down if you do!!
