Explainer: Why is the Rupee Falling and How Does it Hurt You?
Foreign trips, fuel and everyday commodities will become more expensive because of the depreciation in the Indian rupee.
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Foreign trips, fuel and everyday commodities will become more expensive because of the depreciation in the Indian rupee.
The rupee opened at 79.93 against the dollar on Friday, hitting an intraday low of 79.96, before recovering to close at 79.88.
The rupee rebounded from the near-80 levels to close higher by 17 paise at 79.82 against the US currency following a recovery in the domestic stocks and weakness in the greenback in overseas markets.
A decline in crude oil prices in the international markets, however, restricted the rupee losses, forex dealers said.
This is the fourth consecutive session that the currency’s value has dropped to new lows.