Indian Rupee Drops Against US Dollar
The Indian rupee went down in value by 13 paise compared to the US dollar. Currency traders watched the money market stay mostly steady all day.
How much did the rupee fall?
The Indian rupee dropped in value by 13 paise. When the day ended at the foreign exchange market, one US dollar cost more rupees, settling at 95.43 against the dollar. This means our money is buying a little bit less than it did before.
How did trading go during the day?
At the very start of the day at the interbank foreign exchange market, the rupee opened at 95.38 against the US dollar. Throughout the trading hours, it did not move around very much. It stayed inside a very narrow and quiet range between 95.37 and 95.45.
- The rupee dropped by 13 paise by the end of the day.
- The final exchange rate settled at 95.43 per US dollar.
- Trading stayed within a very tight range all day long.
Why does this change matter?
Changes in the value of the rupee affect how much people pay for things that come from other countries, like oil and electronics. When the rupee drops, buying items from abroad can cost more money for people living in India.