The Indian rupee has depreciated to a record low and breached the 80 mark against the dollar. It means that one needs to pay Rs 80 to buy a single dollar.
According to experts, there are myriad reasons for the plunge in the value of Indian currency such as inflation, Covid induced lockdowns and the impact of the Russia-Ukraine war. Depreciation in the value of the Indian rupee impacts different sectors in multiple ways.
Primarily, it impacts the import sector as importers will have to pay more for the same quantity/product for example oil and gas will get costlier. India depends majorly on imports for its oil and gas consumption.
CVoter-IndiaTracker conducted a nationwide survey for IANS to understand people’s views about the impact of drop in the value of Indian rupee on their lives.
During the survey, a huge majority of respondents said that the fall in rupee’s value will adversely impact their families. According to the survey data, while 79 per cent Indians believe that depreciation in rupee’s value will have a bad impact on their lives, 21 per cent disagreed.
Interestingly, according to the survey data, a large majority of both the NDA and opposition think that their families will have to bear the brunt of the slide in rupee’s value. During the survey, 83 per cent of NDA voters and 73 per cent opposition supporters opined that their families will have a tough time economically because of the depreciation in the rupee’s value.
Similarly, the poll revealed that the majority of both the urban and rural voters believe that their economic conditions will be badly impacted because of the plunge in rupee’s value. According to the survey data, 85 per cent of urban voters and 71 per cent rural voters believe that the dip in rupee’s value will disturb their family budgets.