INDIAN Rupee Crashing
Video Summary
India’s economy has been growing rapidly, recently surpassing the UK to become the fifth largest economy in the world. However, the value of the Indian rupee has been falling, trading at record low levels over the past five years. One reason for this is that many countries that trade with India are refusing to trade in rupees, preferring to use US dollars, Chinese yuan, Russian rubles, or other currencies. As a result, India’s balance of trade has been slipping, with the value of its imports increasing and its exports decreasing. This has led to rising inflation, particularly in food prices, which have increased by over 10% in the past year. The Indian Central Bank has been trying to support the value of the rupee by intervening in the foreign exchange market, but this may not be sustainable in the long term. To solve this problem, India needs to increase its services exports and establish the rupee as a widely accepted global currency, which will require significant changes in the country’s economic policy and culture.
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