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Bad News For Indians As Prices Of These May See A Huge Rise
The Indian middle-class consumer segment along with the Indian economy faces negative developments as the value of Rupee keeps on declining against Dollar. The value of the Indian Rupees achieved its highest point at 88 before closing at 86.82 against the US Dollar on Tuesday.
Indian middle-class citizens demonstrate concern about rising product prices which will result because Rupee maintains a decreasing value against world currencies. The steep decline of Indian Rupees relative to US Dollar will increase the cost of solar panels and petrol alongside diesel and LED TV and power supply prices thus burdening the Indian middle class.
Between October 2024 and January 2025 the Indian rupee lost 3.3 percent value compared to the US dollar yet it fell less than other Asian currency values according to Minister of State for Finance Pankaj Chaudhary. The Indian rupee joined other Asian currencies and diminished against the US dollar starting the fourth quarter of 2024 due to US election outcome insecurities according to Chaudhary in Rajya Sabha written submissions.
"US dollar Index rose 7 per cent during October 1, 2024, to January 30, 2025, with all major Asian currencies depreciating against the US dollar", he added. "INR has depreciated 3.3 per cent during this period. South Korean Won and Indonesian Rupiah depreciated by 8.1 per cent and 6.9 per cent, respectively in this period", he said.
“Further, all G-10 currencies also depreciated during this period by more than 6 per cent with Euro and British Pound depreciating by 6.7 per cent and 7.2 per cent, respectively,” he said.
Meanwhile, the US dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01 per cent lower at 108.18.
The elevated level of dollar index was attributed to escalating trade tensions after the US imposed a 25 per cent tariffs on aluminium and steel imports into the country. Brent crude, the global oil benchmark, surged 1.23 per cent to USD 76.80 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex crashed 1,018.20 points, or 1.32 per cent, to settle at 76,293.60, while the Nifty tanked 309.80 points, or 1.32 per cent, to 23,071.80 points.