Rate of rupee falls against the US Dollar; While fuel prices rise sky-high

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Rate of rupee falls against the US Dollar; While fuel prices rise sky-high
Published by Arushi Agrawal on 29 Jun 2021

The Indian rupee took a fall against the US dollar on Tuesday. At the interbank foreign exchange, the Indian rupee opened at the price of 74.26. This was 7 paise less than what it closed at the day before against the US dollar. This comes as a muted trend in domestic equities and firm crude oil prices weighed on investor sentiment.

On Monday, the rupee had closed at 74.19 against the US dollar. On Tuesday, the opening was 7 paisa less.

“Asian currencies are trading in a small range, and equities are unable to cross the recent highs as delta plus variant of COVID keeps investors on edge,” Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, said. Global oil benchmark Brent crude futures were also down 0.51 per cent to USD 74.30 per barrel.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.07 percent up at 91.95.

Added to this are the sky-high prices of fuels like petrol and diesel. For the past 2 weeks these rates have been rising. On Tuesday these were raised again after remaining stable for a day.

Petrol was hiked by 34 paise per litre while diesel was hiked by 30 paise per litre respectively, as fuel prices touched a record high in Mumbai.

With today’s hike in fuel prices, petrol has crossed a record rate of 104.90 per litre in Mumbai, while the petrol rates have touched 98.81 per litre in the national capital Delhi.

Here is a list of fuel prices in the major cities

Petrol price in Delhi: 98.81 per litre

Diesel price in Delhi: 89.18 per litre

Petrol price in Mumbai: 104.90 per litre

Diesel price in Mumbai: 96.72 per litre

Petrol price in Chennai: 99.82 per litre

Diesel price in Chennai: 93.74 per litre

Petrol price in Kolkata: 98.64 per litre

Diesel price in Kolkata: 92.03 per litre

Bihar is the newest state to join the states which are retailing petrol at a rate of more than Rs 100 per litre. These prices have been seeing this increase ever since May 4th.

Including Bihar, there are 11 states and union territories now where petrol is being sold at over Rs 100/litre in some towns. These are Maharashtra, Rajasthan, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Odisha, Manipur, Jammu & Kashmir and Ladakh.

While the opposition parties and common man have been raising their voices against the relentless hike, the government has not said anything on stopping the rise or bring the price down.

Source

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