On Wednesday, June 26, 2013, the value of Rupee against Dollar fell again and hit the lowest record of 60.34, whereas on Tuesday, June 25, 2013, it had closed at the rate of 59.67. Despite the efforts made by Reserve Bank of India to prevent further fall in the value of Rupee, it hit the 60 level. The value of Rupee against Dollar is continuously dropping down at a swift pace since May, 2013.
Indian Rupee – Dollar Rate
Weakening of rupee is affecting Indian economy a lot. Foreign tourism, foreign education, price of crude oil and imported goods all are increasing with the increasing rate of Dollar. However the depreciating rupee is good news for the exporters as they would earn foreign currency at a profitable rate.
Some measures which Reserve Bank of India can adopt for defending the depreciation in rupee’s value can be like increasing the foreign investment limits on debt or asking the exporters to buy Indian Rupee, which could provide a bit of relief to the decreasing value of Rupee.