Another unfathomable devaluation of rupees against dollar.The Indian rupee is under great pressure that may signal inevitable economic trouble ahead. The Indian rupee, which hit its lowest in 15 months against the U.S. dollar and expected to depreciate even more.Rupee trespass the mark of 72 per dollar for the first time which requires immediate attention of authority and they must take some assiduous step ASAP.The fall in rupee continued for the seventh straight session as it breached the 72 a dollar mark for the first time amid growing demand for aggressive intervention from the Reserve Bank of India.Investors remained concerned over sustained foreign capital outflows and widening current account deficit in the wake of soaring crude oil prices.While the rupee is not alone among BRICS currencies to have depreciated against the dollar this year, with both the Brazilian real and the Russian rouble losing value, it remains particularly vulnerable to mounting oil costs given the economy’s extremely high dependence on crude imports to meet energy needs. The government, as well as the Reserve Bank of India, may need to think out of the box to avoid a catastrophic economic crisis.
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