The fall in the Indian rupee against the US dollar continued today. In the early trade, the rupee reached the level of Rs 82.66 per dollar against the dollar in the market. According to experts, due to the continuing uncertainty in the global market, the Indian currency may continue to decline further against the dollar. In such a situation, it is expected that in the next few days the rupee may fall to the level of 83.50. This uncertainty is not only affecting the Indian currency, but countries around the world are being affected by it.
Earlier on Monday, the rupee had reached the level of Rs 82.40 per dollar. This period of decline is continuing from January 2022 this year. Dollar is getting stronger against the rupee and it is likely to continue in the coming days as well. To protect the rupee from weakening, RBI has been reducing foreign exchange reserves for the last 2 years. So far this year, the foreign exchange reserves have fallen by more than 11 percent.
The strong economic policy adopted by the US Fed can be considered behind the strengthening of the dollar. Along with this, the increasing number of jobs in America can also be a big reason for this. The Federal Reserve is expected to raise interest rates further. It may take some time for the rupee to strengthen against the dollar. In such a situation, if you are thinking of sending your children to a foreign school, then you can think of investing in American stocks or keeping money in a foreign bank account. Liberalized Remittance Scheme is adopted by RBI on money sent abroad. Under this policy, all residents including minors are allowed tax free transactions up to USD 2,50,000 per financial year for any valid current or capital account transaction or a combination of both.
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