The Indian Rupee is falling. It is probably going to hit a record, but for all the wrong reasons. It is expected that the rupee will depreciate further, and investors are advised to remain vigilant and cautious of the situation. The dollar is in a race to beat all the other major currencies, and it seems like the competitive spirit is hitting the Indian rupee right on the face, and it is stumbling. The rupee has hit a record low of 79.74 and at the moment the plight of the financial markets is looking rather bleak. Globally, inflation has been a key factor in weakening economies across nations, and the Consumer Price Index reading that took place on Wednesday was the cherry on top.
Falling And Rolling
The events that are unfolding are also a reflection of how investors choose to play safely under the shade of US markets. Because the alternative is the EU recession risks, which is not exactly desirable. With the threat of Russia looming large in the background coupled with the ECB’s rather sloth-like intervention to gain some control of the situation, it seems like the recession in the EU is just on the doorstep. Thus investors are seeking the safest option. They are selling Euros and buying Dollars. This also solidifies the USD’s position as the safest currency that can stand the waves of uncertainty.
The situation looks rather bleak for India as well as the Indian rupee is also expected to decline further. This will have a direct effect on inflation, aggravating the situation. India’s dependence on foreign countries for fertilizers and edible oils does not help the situation either.
Reactions On Twitter
Quite naturally, the news of the fall of the Indian rupee to a record low has aroused the interest of the Twitter town. As usual, we have a long line of reactions and responses, and most of them are indirect backlash at the Modi government. Because, clearly, it doesn’t seem like the governing process is reaping the desired results. Let us flip through a couple of reactions and responses to get a better picture.
By #2024 PM Modi will successfully cross the century mark in Rupee vs Dollar…#अबकी_बार_80_पार
— DR. MANMOHAN SINGH (Parody) (@aryanzalwar) July 15, 2022
Pearls of wisdom indeed.
If rupee is falling, don't use it. Use GPay or Paytm.
— Yash More | यश मोरे (@yash25more) July 14, 2022
If Sushma Swaraj ji were alive today, she would have said, "Today rupee has lost it's value and the Prime Minister have lost his credibility".#RupeeVsDollar #RupeeAt80 #RupeeFall@KTRTRS @ysathishreddy pic.twitter.com/YHjxNWdzQ2
— AkshayKTRS (@AkshayKtrs) July 14, 2022
The way your words come back to bite you.
— Engr Isaaq Rahman (@Isaaq44897387) July 14, 2022
I can say with confidence that "Draupadi Murmu" can run India better than Modi as a PM.
So i suggest, Modi himself should become President and make Murmu Ji PM of India.
— Mani Shankar Aiyar (@ManiSAiyarINC) July 15, 2022
That is not an exaggeration at all. Given the way things are, it might actually happen
Very soon, checking rupee vs dollar rate will be banned. Cyber cell will keep an eye on anyone who indulges in this illegal activity.
— Shukla G (@Shuks80) July 14, 2022
Well, well, well…
— SHIKHA (@Shikha__Rawat) July 14, 2022
Typical ‘from the frying pan to the fire’ situation
For the first time in the history of India, the #Rupee is crossing 80 vs the dollar.
The man who once said the Rupee was in ICU sent the Rupee to its death bed on becoming PM
— Dr. Shama Mohamed (@drshamamohd) July 15, 2022
The silence is deafening indeed.
— Sumanth Raman (@sumanthraman) July 14, 2022
soon we might see a ban on words like inflation, unemployment, price hike, dollar vs rupee, LPG prices, petrol/diesel prices, acche din, demonetization, etc, because 'Sab Changa Si'
— Haider Ali Khan, حيدر علی خان (@khanhaider) July 14, 2022