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You are at:Home»Business»Rupee vs Dollar: How weaker currency will impact economy and people of India, explains Anil Singhvi
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Rupee vs Dollar: How weaker currency will impact economy and people of India, explains Anil Singhvi

Paul EasterBy Paul EasterJuly 21, 2022No Comments3 Mins Read
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Rupee vs Dollar: The fall in Rupee against the US Dollar is pinching us. The Indian currency has been depreciating against the Dollar in recent times and touched an all-time low of 80.06 on Thursday, giving more jitters to 130 crore people. 

According to Zee Business Managing Editor Anil Singhvi, the fall in the currency’s value is due to multiple factors like the Russia-Ukraine war, outflow of foreign institutional investors and others. Explaining how the Rupee depreciation impacts the economy and our pockets, he said that the primary and immediate impact would be on the importers as import becomes expensive.

“You have to convert Rupee into Dollar to pay for goods, meaning importers shell out more for the same quantity and price,” he said.

Anil Singhvi, however,  noted that Rupee depreciation has been lower than other major global currencies such as the Euro, Japan’s Yen and British pound.

“Rupee depreciation is not a big challenge for India’s economy. The challenge is when the currency’s depreciation rate is brisk. Generally, if you look at the long term, Rupee weakens by 4-5% against the Dollar every year. We are seeing the same trend. We often think that this is not healthy for the economy. But why is Rupee falling? Because of the Current Account Deficit (CAD). Our country imports more and exports less. Therefore, we need more dollars to meet our imports,” he said.

“When import increases, CAD widens and Rupee weakens,” the market guru said.

 

रूपए में कमजोरी – कितना फायदा, कितना नुकसान?

डॉलर के मुकाबले दुनिया की करेंसी का क्या है हाल ?

अनिल सिंघवी के साथ समझिए डॉलर Vs दुनिया की बाकी करेंसी का हाल ?#DollarvsRupee | #DNA | @AnilSinghvi_ | @irohitr pic.twitter.com/tNcDeh5pJw

— Zee Business (@ZeeBusiness) July 20, 2022

 

He, however, said that there is another aspect to the fall in Rupee value, adding that exporters make profits when the value depreciates. 

He said that when the Rupee falls, inflation goes up. India is the biggest importer of three things – crude oil, gold and mobile, electronic items. “You have a choice with gold… you can also comprise electronic items. But with crude, you have no choice. You have to buy at whatever rate it is available.”

“Crude oil price impacts petrol and diesel price. When petrol and diesel prices go up, it impacts everything including food items,” the Managing Editor said.

‘Story of Dollar’s strength’ 

He further said that the “story is not about Rupee depreciation, it is about American Dollar’s appreciation. This is because of the Russia-Ukraine war. US Dollar has appreciated by around 10% against other currencies. But our currency has weakened 5-6%, meaning our currency is in a better situation,” he said.

He added that India’s foreign exchange reserves are now at 580 billion which is the 5th highest in the world. 





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Paul Easter

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