Indian Rupee #value is going down steadily and it has touched Rs.56.58 per US dollar yesterday. This is causing #agony to importers. Yes. #importers will have to pay more Indian rupees. But it is good for exporters. They will get more Indian rupees. The reason for #downward trend of rupee is demand for dollar is more. India is importing more petroleum products. Added to that the craze for gold is also more and a lot of gold is imported and we have to pay in dollars.
This is the right time for those holding dollars abroad to remit money to India so that it can be converted to rupees at a higher rate. The effect of this will be the cost of imported items will rise considerably and this in turn will affect other commodity prices and middle class will be affected by this.
In all this situation rich people are not affected. It is only the #middle class people like us who are #affected. it is told weak opening of #equity market and value of #Euro rising has caused this downfall.
I am not affected by this directly but this is useful for knowledge sake. good day.