Indian Rupee slides to 58.30/USD

Not good news for the investors in Asian region as the India rupees hit all-time low of 58.30 against USD, in the opening trade on Tuesday. The fall in the value of rupees against US dollar would be the major concern for the investors in India.

Certainly, the import costs would go up weighing high on the Indian economy. In short-term the trade deficit would be at the its peak as the balance of payment might be disturbed with the high rate of US dollar against Indian rupees.

India parents would be more concerned if the children as studding in US as they need to pay more for the education fees. And the fall in the value of rupees also not a good sign for commonmen as the price of petrol and diesel could go up soon.

With the high international crude pride due to the high dollar value, Indian oil companies may go to hike the retail price of petrol and diesel ,which ultimately would be a big burden the consumers – the commonmen.

The rupee was closed at 58.15/16 against US dollar in the international currency market. Further slide in the value of the rupees could tumble the economy. However, the high dollar value a good sign for the IT and export companies, those have been getting their payments in US dollars.