Mobile to Petrol every imported goods become costly as Rupee slumps to 3 week low against US dollar

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Mobile will be expensive...- India TV Paisa
Photo:FILE

Everything from mobile phones to petrol and diesel will be expensive, bad news for the government before Budget 2022

Highlights

  • All products imported from abroad can be expensive
  • Rupee closes at three-week low – 74.60 per dollar
  • Importing goods from abroad will be expensive due to fall in the value of rupee

Mumbai. If you were thinking of buying a mobile phone or any electronic item, then there is bad news for you. All products imported from abroad can be expensive. The rupee depreciated by 17 paise against the US currency on Monday on investor exit from the foreign exchange market and a sharp fall in domestic equity markets. With this, the rupee closed at a three-week low – 74.60 per dollar.

In the financial year 2021, India imported electronic products worth over INR 3.7 trillion. Products include computer hardware, consumer electronics, electronic components and equipment, and telecommunications equipment.

According to market experts, the rise in crude oil prices was also affected. A firming dollar in overseas markets and weakening investment sentiment towards riskier assets also weighed on the rupee. Traders are waiting for the Federal Reserve’s meeting to be held on January 25-26 for further indications of the market.

The rupee opened at 74.43 per dollar in the interbank foreign exchange market. During trading, the rupee went up to 74.42 in high and 74.69 in low. In the end, the rupee lost 17 paise to close at 74.60 per dollar against its previous closing price.

This closing level was not seen after December 27, 2021. Meanwhile, the dollar index, which reflects the trend of the dollar against the six currencies, rose 0.12 per cent to 95.75. Global benchmark Brent crude futures rose 0.33 per cent to $88.18 per barrel.

Dilip Parmar, Research Analyst, HDFC Securities said, “The risk appetite further declined today and the stock market was controlled by sellers. The safe-haven currencies traded well amid geopolitical tensions.

Ahead of the US Federal Reserve meeting, any uncertainty around geopolitical tensions could lead to a rise in the dollar, he added. Parmar said the Indian rupee started the week on a weak note following foreign fund outflows and a weak domestic equity market.

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