Fuel price increases again, value of rupee drops

Chennai: Fuel price increased and value of rupee is at an all-time low, on Thursday.

The value of rupee has dropped down to Rs 73 for one dollar, while the fuel price have increased after remaining consistent on Wednesday.

Brent, the global benchmark for crude oil, charged $85 per barrel of crude oil on Wednesday. It was close to the price of November 2014, $85.45.

(Source: https://www.goodreturns.in/)

(Source: https://www.goodreturns.in/)

(Created By: Kritti Bhalla)

India spends more to pay for the increasing crude oil prices. 80 per cent of this expenditure is met through import. The falling of rupee is not an isolated phenomenon, but this is one of the factor that affects its depreciation.

The government of India is facing a lot of backlash for the frequent rise of fuel prices, and depreciation of currency.