New Delhi: The decline of the rupee released over the past several days has continued on Monday ie today. Due to the uptrend in crude oil prices and weakening trend in emerging economies, the rupee has reached the lowest level with 72.57, with another major fall of 45 paise against the dollar today. This is the weakest level of the rupee so far. However, on Friday, good recovery was seen and rupee closed at 71.73 with a gain of 26 paise.
What is the reason for the decline
Crude oil has seen strong pressure in the dollar and pressure in rupee. In the past, the trade war between Turkey and Argentina in the United States and China has broken the back of the rupee. In the last six months, the rupee has slipped to 9.5%. So far this year, we have seen weakness of about 12 per cent in rupees. Explain that there is pressure on the weakness in the currency of the emerging market, the prices of crude prices remain high and demand for dollar increases.
International currency continues to decline
Crude oil prices remain high due to the US sanctions on Iran and Venezuela’s impoverished domestic conditions. The United States has started a trade war with its business partners, which has led to a continuous decline in currency worldwide. America, Mexico and Canada are talking about canceling their NAFTA agreement. Because of this, there is an atmosphere of pride in the international market.