Rupee ₹ vs USD/ weakening of Indian Rupee and its impact

Readers now a days everyone is talking about the weakening of our Indian Rupee. What does it mean ? what are the outcomes of this fall?

In last month i.e August last,we saw devaluation of the Indian rupee over USD $.Last week itself the rupee  reach  a new fall of Rs70 for 1$.

A  lot of currencies are there in the world. Generally all the country having their own unique currency ,except European Union. The exchange rate of are also different to each other. For ex- now the value of 1 USD is Rs 67,means we have to pay Rs67 to buy a American  $.A few months ago it was around Rs54 for a US $.Also if we go past year we can see the value of 1$ was equal to Rs40.This happens because our economy was at boom in last year as compare with this year.

The outcomes of this problem is that the cost of all the imported things get increased,because in foreign trade ,countries use USD as medium of transactions.now all the goods i.e imported becomes most costlier.Let us say,for ex- if you want to buy an Apple iphone from America(the cost of that iphone is 900$) then you have to pay 67*900=Rs60300 for the iphone. Let you compare this situation in last year then you have to pay 40*900=Rs36000, we can notice a large difference in cost  in those years.

Also people are thinking, how does this change in Indian Rupee affect our life?

=>The answer of this question is very clear because we know that India imports a huge amount of petroleum from the gulf countries (and also we have to know that in foreign trade the goods are valued in USD and payments are also transact in USD) then the devaluation of Rupee impact as the more expensive of goods. Recently in last week petroleum companies increases the rates of petrol and diesel.

The increase in the cost of petroleum oil causes the increase in cost everywhere in all fields. For example increase in diesel costs increases the transportation charges. Also the transportation of goods from one place to other place get costlier, then automatically everything costs more.

Thus we can say that the devaluation or weakening of ₹ impacts as the increase in cost everywhere.