The Indian rupee has continued to weaken against the US dollar. In fact, the currency has been inching closer to the 80 per dollar mark, witnessing its worst quarterly drop since the covid-19 pandemic. Brokerage firm Goldman Sachs cut its forecast on the rupee citing weaker external balance, stating that there could be further weakness as the dollar strengthens. While there has been some respite, the unit has still been trading at 78.97 against the greenback. This marks the sixth straight month of decline and a 6% fall in its value since January. Meanwhile, Finance Minister Nirmala Sitharaman has stated that we are relatively better placed than other countries with respect to the currency depreciation. How does every decline in the rupee impact different aspects of the economy? Does a weak rupee equal a weak economy? And what does a weak currency mean for you? We deep-dive on the India Development Debate with Swaminathan Aiyar, Consulting Editor, ET NOW and D.K Joshi, Chief Economist, CRISIL. Tune in!
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