Rupee Closes At Record Low Of 83.57 Per Dollar Due To Global Tension An Delayed Rate Cut

Rupee-Dollar: Due to global cues and the strengthening of the dollar, the Indian currency rupee has closed with a historic decline against one dollar. Taking a dive against the dollar, the rupee declined by 14 paise and closed at Rs 83.57, which is a record low.

Record fall in rupee

Global tension has increased after Iran's attack on Israel. So, after the rise in inflation rate in America in the month of March, it is feared that the Central Bank of America, the Federal Reserve, may postpone the decision of reducing interest rates for a few months. Due to this, the dollar is becoming stronger and the rupee is becoming weaker. On Tuesday, April 16, 2024, the rupee has closed at the level of 83.57 (provisional) against the dollar, whereas in the previous session the rupee had closed at the level of 83.44. During the day's trade the rupee had slipped to the level of 83.54. But it is believed that the rupee has got support after the intervention of RBI. Currency markets will remain closed on Wednesday due to Ram Navami.

danger of rising inflation

Strong dollar and weak rupee can increase India's problems. It can be expensive for India to import many other commodities including crude oil and edible oil. There is a danger of inflation increasing in the country due to expensive crude oil and edible oil. India's problem is that due to global tension, on one hand the prices of crude oil are increasing and on the other hand the rupee is weakening against the dollar. This means that buying crude oil is becoming expensive for government oil companies.

Further weakness in rupee possible

After the increasing tension between Iran and Israel in the Middle East region, it is believed that further strengthening of the dollar and weakening of the rupee may be seen. Rupee may weaken due to increase in demand for dollar. Whereas in America, it was earlier expected that the Federal Reserve may reduce interest rates in June 2024. But this deadline may slip to July 2024. Morgan Stanley's Chief UM Economist Ellen Zentner has also said in her outlook that the Federal Reserve may start cutting interest rates from July instead of June. Also, in 2024, now only three rate cuts will be seen, not four.

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