The Indian rupee has shockingly, fallen to an all time low, plummeting to 52 dollars in the early morning. The reason for this crash is the sharp increase in the value of dollar currency. The last time Indian rupee dropped to 68. 8640 per dollar, on November 2016. Dollar remained steady even as the Indian currency faced the loss. It hat not gained value in the night, and there had been confused reports from Washington, about investing in the Chinese market. There is an expectations with the RBI, reserve bank of India, to counter such difficulties and keep the market stable without such dramatic shifts.
The news has certainly shaken the social media, and people have begun discussing the reasons for the crash. The lowering of the value will also contributing to the situation of the country as one of the worst functioning economic countries in whole of Asia.
There is also the issue of the sudden rise in the prices of Crude oil, which grew after United States had to ask the ally countries to halt imports from Iran. This decision also didn’t help when there were supply problems fro, Libya and Canada. The crude oil situation, which has resulted in fluctuations in petrol and diesel prices, and now the fall in Indian rupee value is going to be hard hitting for the country’s economy. RBI can only try to clear the situation when the extraneous factors are stable, but the economy has been fluctuating for a while now, so it will be difficult task for them to make up for the chasm of values that has grown. Indian Rupee’s value has gone done, and social media has already erupted in blaming Prime Minister Modi and the government for not handling the situation before it had gotten so much worse.