Rupee at record low, breaches 80-mark against US dollar: Here's how it may impact you

News Network
July 19, 2022

modiji.jpg

New Delhi, July 19: The Indian currency depreciated for the eighth consecutive session on Tuesday to fall past 80-mark against the US dollar for the first-time ever.

At the interbank forex market, rupee was trading at 79.93 at 9.31am, after breaching the 80-mark against the US dollar- a historic low for the Indian currency. It sank to 80.06 against dollar in opening trade.

The rupee had ended at 79.97 on Monday.

The US dollar extended its rally and hovered just above a one-week low reached overnight versus major peers as markets reduced the odds of a percentage-point Federal Reserve rate hike this month.

The local currency has now declined over 7 per cent since the start of this year. It was at Rs 78.94 per dollar as of June 30 and rapidly plunged to touch the Rs 80-mark in the next few sessions.

If we compare with historical data, since December 2014, the value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 80.06 today -- that is, a depreciation of 26.27 per cent.

However, rupee's loss meant gains for the US dollar. In fact, the US currency has had a wonderful stretch. Since the start of the year, it has gained almost 8 per cent.

On the flip side, a rising dollar is surely not a favourable scenario for Indian rupee. The rupee has been staggering since the beginning of the year and has fallen 7.72 per cent so far.

The surprise rate hike by Reserve Bank of India's (RBI) monetary policy committee (MPC) last month could not stop rupee's decline as a widening current account deficit came to the forefront after the country's June trade deficit hit a record high, raising concerns. In fact, it seems to have heightened volatility.

How it may impact you

From imports to exports to travel abroad to foreign studies, a falling rupee impacts our lives in several ways.

Imports to be more expensive: The primary and immediate impact of a depreciating rupee is on the importers as they need to spend more for same quantity and price.

The basket of Indian imports includes crude oil, coal, plastic material, chemicals, electronic goods, vegetable oil, fertiliser, machinery, gold, pearls, precious and semi-precious stones, and iron and steel.

With the dip in the rupee, importing items will get more expensive. Not just oil but electronic items, such as mobile phones, some cars and appliances, are likely to get expensive.

The falling rupee is also likely to impact spending decisions of households as certain things may become expensive.

Boost for exports: While imports become costlier, exports from India will become cheaper. It is a boon for the exporters as they receive more rupees in exchange for dollars.

Pay more for foreign studies: For people looking to study abroad during this time, the fees amount will rise as a dollar would now cost more in terms of rupee than earlier. Prospective students or even existing ones may face a hike in their spending.

Foreign trips to cost more: Another major impact of falling rupee might be felt on the tourism sector. With Covid-19 cases remaining in control, many people would want to resume their abroad travel plans. Such people might end up spending much higher than they would have a few days back.

More values for remittances: In terms of remittances, or the money that people residing abroad send to their families back home in India, they will end up sending more in terms of rupee value.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
March 26,2025

New Delhi: Leader of Opposition Rahul Gandhi on Wednesday claimed that he was not being given a chance to speak in the House which was being run in a "non-democratic style", and said Lok Sabha Speaker Om Birla had made "unsubstantiated" remarks about him.

Gandhi's remarks came after Birla asked him to follow the rules of procedure that members are expected to observe to uphold the dignity of the House. It was not immediately clear what was the reason for the Speaker to make the observation.

The former Congress president said the Speaker made remarks about him and then adjourned the House without giving him an opportunity to speak.

"The Speaker just got up and left. He did not allow me to speak a word. He was speaking about me, and I don't know what he said about me, all unsubstantiated. I said, 'let me speak as you have spoken about me', but he did not say a word and just left. He adjourned the House when there was no need of it," the former Congress president said.

About 70 Congress Lok Sabha MPs, including deputy leader of Lok Sabha Gaurav Gogoi, party general secretary KC Venugopal and party's whip in the Lok Sabha Manickam Tagore, met the Lok Sabha speaker and raised the "denial" of opportunity to Gandhi to speak in the House.

Speaking with reporters in Parliament House complex, Gandhi said there is a convention that the Leader of Opposition is allowed to speak, but whenever he gets up to speak, he is not allowed to speak.

"So, in what manner is this House being run? We are not being allowed to speak. I have not done anything, I was sitting quietly, I did not speak anything. In the last 7-8 days, I have not been allowed to speak," the Leader of Opposition in the Lok Sabha said.

In a democracy, the opposition has a place, and the government has its own place but here there is no place for the opposition, he alleged.

Gandhi said he wanted to speak on Maha Kumbh last week after Prime Minister Narendra Modi had made a statement on it but he was not allowed to speak.

"I wanted to state that it is good that Kumbh happened, and I wanted to speak about unemployment, but I was not allowed to speak. I don't know what thinking or approach does the Speaker have but the truth is we are not being allowed to speak. It (the House) is being run in a non-democratic style," Gandhi claimed.

Earlier, in his remarks, the Speaker said members are expected to conduct themselves in a manner that upholds the high standards and dignity of the House.

"Several instances have come to my notice where the conduct of members does not conform to the high standards," the Speaker said.

"In this House, father and daughter, mother and daughter, husband and wife have been members. In this context, I expect the Leader of the Opposition to conduct himself in accordance with Rule 349 that deals with rules to be observed by members in the House," the Speaker said.

"Especially, it is expected of the Leader of the Opposition to conduct himself as per the rules," the Speaker said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 28,2025

qudsday.jpg

Millions of people across Iran and the world took to the streets on International Quds Day, expressing solidarity with Palestinians and condemning Israel’s actions in Gaza.

Brigadier General Ramezan Sharif, spokesperson for Iran’s Islamic Revolution Guards Corps (IRGC) and head of the Intifada Committee in Tehran, stated that rallies began at 10:00 a.m. local time (0630 GMT) in over 900 cities across Iran.

Demonstrators from various walks of life carried Iranian and Palestinian flags, as well as banners reading “Free Palestine” and “Al-Quds Must Be Liberated.” Flags of regional resistance groups, including Iraq’s Popular Mobilization Units (Hashd al-Sha'abi), Lebanon’s Hezbollah, and Yemen’s Ansarullah, were also displayed.

Mass rallies were held across West Asia, including in Iraq, Yemen, and Lebanon, as well as in other parts of the world.

Iranian Leaders Condemn Western Stance

Senior Iranian officials participated in the rally in Tehran, where Parliament Speaker Mohammad Baqer Qalibaf addressed the gathering.

“Iranians have taken to the streets in a massive show of support for Palestine and the Islamic Ummah,” Qalibaf said. “The Palestinian struggle is not just an issue for the Islamic world but a lesson for all of humanity.”

He criticized the West’s response to Israeli actions in Gaza, calling it a stain on Western civilization. “These crimes will be remembered as a lasting ignominy, exposing the West’s duplicity in human rights advocacy,” he added.

Qalibaf also defended the October 7, 2023, Palestinian attack on Israeli-occupied territories, describing Operation al-Aqsa Flood as a “rightful and legitimate response to 77 years of oppression by Israel, the U.S., and Britain.” He further described Israel as a “spare regime” dependent on U.S. support.

Quds Day: A Global Symbol of Resistance

Al-Quds Day, observed annually on the last Friday of Ramadan, was established in 1979 by the late Imam Khomeini to demonstrate solidarity with Palestinians and oppose Israeli occupation. The event has since become a symbol of resistance, with large rallies held worldwide, particularly amid Israel’s ongoing military operations in Gaza and the West Bank.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
March 24,2025

gazacrisis.jpg

The head of the UN agency for Palestinian refugees (UNRWA) has warned that the tight Israeli blockade on the entry of humanitarian supplies into the Gaza Strip is pushing the coastal territory closer to an acute hunger crisis.

Philippe Lazzarini made the remarks in a social media post, in which he noted that the siege, which is preventing food, medicines, water and fuel from entering the region, has lasted longer than what was in place in the first phase of the war.

Israel has banned the entry of humanitarian aid into Gaza since March 4, following the expiry of the first phase of a ceasefire and an agreement with Hamas resistance movement on the exchange of Israeli captives for Palestinian prisoners.

Lazzarini warned that Gaza’s population depends on imports via Israeli-occupied territories for their survival.

“Every day that passes without the entry of aid means more children go to bed hungry, diseases spread & deprivation deepens,” he said.

“Every day without food inches Gaza closer to an acute hunger crisis,” the UNRWA chief noted.

Lazzarini described the banning of aid as a collective punishment on Gaza’s population – the vast majority of which are children, women and ordinary men.

He called for the siege to be lifted and for humanitarian aid and commercial supplies to be brought into Gaza “uninterrupted and at scale.”

Backed by the United States and its Western allies, Israel launched the war on Gaza on October 7, 2023, after the Palestinian resistance movement Hamas carried out Operation Al-Aqsa Flood against the Israeli regime in response to its decades-long campaign of oppression against Palestinians.

The regime’s bloody onslaught on Gaza has so far killed at least 50,021 Palestinians, mostly women and children, and injured 113,274 others. Thousands more are also missing and presumed dead under the rubble.

On November 21 last year, the International Criminal Court (ICC) issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former minister of military affairs Yoav Gallant for war crimes and crimes against humanity in Gaza.

Israel also faces a genocide case at the International Court of Justice (ICJ) for its deadly war on the blockaded coastal sliver.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.