Winning Bizness Desk

Mumbai. Wednesday was full of statistics on the economic front. The excellent GDP figures of the first March quarter and the last financial year gave an opportunity to be happy, on the other hand the industrial growth figures disappointed. Meanwhile, the falling value of the Rupee made everyone tizzy. In fact, the month of May has proved to be the worst month for the Indian rupee so far this year. On Wednesday, the rupee closed almost flat at 82.7225 against the dollar in the interbanking currency market. Wednesday was the last trading day of the month of May. After this the month of June is coming and If we look at the figures for the month of May, during this period the value of the Indian rupee declined by about 1 percent against the US dollar. In this way, May became the worst month of 2023 for the rupee. This is the biggest fall in the value of the rupee after December 2022 during any one month.

Indian currency is in heavy losses

Due to the continuous strengthening of the US dollar, the condition of many currencies around the world is getting worse. Despite being in a comparatively better position as compared to the rest, the Indian currency is in heavy losses. In recent times, the Reserve Bank has taken all measures to save the rupee and has largely spent dollars from its reserves, but all its efforts are proving unsuccessful in saving the rupee. According to a Reuters report, the rupee performed relatively well on Wednesday as well. China's currency yuan declined significantly during the day, which dragged down other Asian currencies and strengthened the dollar. The yuan fell by 0.4 per cent in just one day. In this way, China's currency fell near a six-month low. This is the worst phase going on for the Indian currency 'Rupee'. The value of the rupee has decreased very fast during the last few years. The strength of the US dollar is mainly responsible for this. Dollar index has just jumped up to 104.51. During the month of May alone, the dollar index has gained 2.8 per cent.