Winning Bizness Sports Desk
Mumbai. The rupee, which is continuously weakening against the dollar, is still the best performer compared to the currencies of major countries. According the Bank of Baroda report, the Indian rupee has fallen by 0.62 percent in September, the lowest compared to 17 countries of the world. During this period, the Mexican currency has declined the most, which has been 4.80 percent. Report found that while the Taiwanese currency weakened by 1.21 percent against the dollar, the Malaysian currency declined by 1.46 percent. The Singapore dollar fell by 1.52 percent, the Australian currency fell by 1.74 percent and the South African currency fell by 1.78 percent. The Brazilian real lost 2.15 percent while the Indonesian currency declined 2.18 percent.
Hong Kong's currency strengthened
A decline of 2.29 percent in Turkish Lira and 2.39 percent decline in Korean currency has been recorded in September. However, during this period, Hong Kong was the only country among the major countries whose currency strengthened by 0.10 percent. The report said that in September the rupee traded between 82.71 and 83.22. The dollar index has strengthened by five percent in the last two months. The rupee may trade between 82.75 and 83.50 in the coming weeks.
Crude oil price responsible
The fall in the rupee is basically due to the strengthening of the dollar and rise in crude oil prices. This may continue further, because crude oil has currently crossed $ 95 per barrel and is continuously increasing. The effect of this will be that spending or studying abroad will become expensive. Imported goods will become expensive and exported goods will command higher prices. Among the currencies that declined the most, Mexican currency declined by 4.80 percent, Thai currency by 4.60 percent, British currency by 4.41 percent, Euro by 3.20 percent, Japanese Yen by 2.64 percent and Korean currency by 2.39 percent. According to analysts, if the rupee continues to fall, RBI may sell dollars to stop it. Recently, RBI had taken a similar step.