Iran War Negatively Impacts the Rupee: The rupee lost its initial gains during trading on Monday and crossed the 95 level to fall at 95.22 against the US dollar. The domestic currency is under pressure due to rising crude oil prices, ongoing geopolitical tensions and strong dollar environment.
Although the rupee started with gains, it later lost its initial gains. In the interbank foreign exchange market, the rupee opened at 93.62 per dollar and then rose to 93.57 per dollar, showing an increase of 128 paise from the previous closing level.
Global market shaken due to Iran war
However, this gain could not be sustained and the rupee fell to an all-time low of 95.22 against the US currency in intraday trading. The ongoing war in Iran and increasing tension in the Middle East have shaken the global markets, whose direct impact is being seen on the Indian currency. Earlier on Friday, the rupee fell by 89 paise and closed at a record low of 94.85 per dollar.
What will be the impact on the common man?
The weakening of the rupee means that now everything coming from abroad will become expensive. This means that India will now have to pay more dollars for crude oil, due to which the prices of petrol, diesel and LPG (LPG) may increase in the coming days.
There will be a rise in the prices of everyday goods!
Not only this, the prices of mobile phones, laptops and other gadgets whose parts come from abroad may increase. Along with this, students who are studying abroad or those who are planning to travel abroad will now have to spend more money to buy dollars. Transportation of goods will also be expensive, due to which the prices of food items and everyday items may also rise.
