Rupee falls sharply against US dollar; here are its impacts

The Indian rupee today fell sharply against the US dollar to go past 72-a-dollar mark again. Although, the opening was at 71.97 a dollar, the rupee fell to 72.27 at day’s low, as compared to previous close of 71.40.

The Impact:

  • This directly impacted the gold and silver prices that rose in domestic markets today.
  • The decline in rupee in the domestic stock market indices Sensex and Nifty also put pressure on the rupee.
  • Weak GDP data and strengthening of the US dollar also effected the Indian rupee.
  • A stronger dollar also weighed on the rupee today. The dollar index, which measures the greenback against a basket of six major currencies, was up nearly 0.4%, having climbed to a more than two-year high.

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