By Admin 
Dollar vs rupee:The Indian rupee reached the lowest level so far on Tuesday amidst an increase in H1B visa fees and frequent selling of foreign institutional investors (FII). The rupee fell 25 paise to 88.53 against the US dollar in early trade on the second trading day of the week.
Why is the rupee broken?
The rupee opened at 88.41 against the dollar at the Interbank Forex Market and slipped to 88.53 against the dollar. This is 25 paise weaker than the last closed price (88.28). A day earlier on Monday, the rupee was broken by 12 paise.
According to experts, adverse policies such as an increase in American tariffs and an increase in H1B visa fees have weakened the sentiments of investors. Meanwhile, the dollar index, depicting the strength of the dollar against six major currency, fell 0.03% to 97.30.
Market move
During the early trade in the domestic stock market, the BSE Sensex gained around 100 points, while NSE Nifty was trading trading at 24,250. Stocks of Auto and Maruti jumped about 2%, while the shares of IT companies saw pressure.
Internationally Brent crude fell 0.62% to $ 66.16 a barrel. According to the stock market data, FII purely sold shares worth ₹ 2,910.09 crore.
Effect on common man
The weakness of the rupee directly affects the daily life and pocket. Imported goods such as electronics, mobile phones, machinery and oil will be expensive. India is the biggest importer of crude oil. Petrol and diesel prices go up as soon as the rupee is weakened. The cost of moving abroad will increase due to the cost of dollar. Students who are going to study in America or other countries, their fees and living expenses will increase considerably. The price of gold is based on dollars, due to the weakening of the rupee, it increases further.
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