The value of Indian rupee has seen a sharp decline against American dollars, in an all-time low. The decline began as soon as the trade market opened today. The Indian rupee ended at a lowest of RS 69.950 against US dollars, which is a historic lowest for the rupee.
Prior to this fall, the decline of Indian rupee to 68.65 was the previous biggest decline, during the demonetization period in 2016. Post this decline there was a minimal rise, as the Indian rupee increased to 68.92 against US dollars. This sharp decline in value of Indian rupee against dollars has been attributed to the decline in Asian market, as well as the economic backdrop and money market decline in India.
The increase in the price of crude oil in the international market has impacted the money deficit in the country. It has been expected that the reserve bank of India will soon take some important decisions to avoid an economic downfall.
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