Mumbai: The rupee depreciated 7 paise to an all-time low of 80.05 against the US dollar in early trade on Tuesday tracking the strength of the American currency and firm crude oil prices.
At the interbank foreign exchange, the rupee opened at 80 against the American dollar, then lost ground to quote at 80.05, registering a fall of 7 paise from the last close.
However, here's how it will impact you.
Imports: If the rupee continues to fall then it would mean that international purchases will become more expensive since you will have to pay more rupees for the product that you previously for lesser rupees.
Hike in fuel prices: More than 80 per cent of the oil needs of India are imported. In any case, the oil prices are at an all-time high, the falling rupee is not going to help the cause and this will result in higher fuel prices.
Education abroad: Falling rupee would mean education abroad for Indian students will become costly. They will have to spend more rupees per dollar on fees in the foreign institutes.
Foreign travel: With the falling rupee travelling abroad is going to cost a lot more than it did previously.
The upside: Non-resident Indians (NRIs) sending money back home will be sending more in value.
