Rupee Falls At Its Lowest Level in 2019. Cooking oil prices are set to climb up.

Date:

Indian Rupee fall by 0.5 per cent to its lowest level seen in 2019. The currency has been under continuous pressure from the US-China trade war and subsequent devaluation of the Chinese Yuan. At the time of reporting, USDINR was trading at 71.868
The last time rupee had gone this low was in February of this year when the Indian currency plunged to 71.717 per US Dollar.

Continuous erosion in the value of rupee does not bode well for the economy which is a nett importer of goods, a major chunk of it being crude oil and edible oil.

Consumers will have to pay 3 per cent more for palm oil, 4 per cent more for soyabean oil and 6 per cent more for sunflower oil. India imports 70% of its annual consumption of edible oil, which is at 23.5 million tonnes.

However, devaluation of rupee is beneficial for the automobile industry

 

Disclaimer :- This post is independently published by the author. Infeed neither backs nor assumes liability for the opinions put forth by the author.

Share post:

Subscribe

Popular

More like this
Related

73 Percent Population Devoid of Any Upliftment : Rahul Gandhi Roars in Patna

Congress leader Rahul Gandhi on Sunday alleged that the...

Pratapgarhi speaks against the demolition of 700-year-old mosque in Rajya Sabha

Congress leader Imran Pratapgarhi, in a poetic yet eloquent...

The Stealthy Rise of Autocracy: India’s Democratic Crisis Unveiled

Suspending MPs to strengthen Parliament security? Slow and steady...

After Bharat Jodo Yatra, Rahul Gandhi to go on Bharat Nyay Yatra from Jan 14 to March 20

The Congress on December 27 announced that party leader...