'Rupee has reached Paatal Lok': Internet reacts to the Rupee's all-time low of Rs 86.58 with memes of Modi & Sitharaman
The rupee took a nosedive yesterday, hitting a record low of Rs 86.58 against the US dollar, sparking concern. But, true to internet form, memes and humour flooded social media, showing that laughter can ease the pain of a falling rupee!
Yesterday, the rupee took a dive, plummeting 61 paise to hit a new all-time low of 86.58 against the US dollar, after starting the day at 86.18. It was the biggest single-day drop in nearly two years, even hitting 86.60 during intraday trades. While this news is certainly a cause for concern, especially for Indian students abroad relying on the US dollar, the internet responded with its trademark humour, proving that laughter is always the best way to cope with stress.
Check out some of the all-time rupee falling memes here:
Rupee fell down to 84.38 against US dollar today - Reaching Historical low every day ? pic.twitter.com/SqggEsZsKC
¡ª Veena Jain (@DrJain21) November 11, 2024
rupee is falling, passport rating is falling, happiness index ranking is falling, top cricketers score is falling... only thing rising is taxes pic.twitter.com/1cmO3YuhBw
¡ª SwatKat? (@swatic12) January 9, 2025
Prime Minister Narendra Modi went underwater wearing a snorkel and a life jacket looking for the fallen rupee.
¡ª Ravinder Kapur. (@RavinderKapur2) January 14, 2025
One US $= 86.50 to the Indian Rupee pic.twitter.com/dYzgXxnkwo
Indian Rupee is falling like this ! ?? pic.twitter.com/86MEjBTbfW
¡ª Priya Purohit (@Priyaa_Purohit) January 6, 2025
Rupee falls 5 paise to all-time low of 84.37 against US dollar pic.twitter.com/8kjjsVNNPa
¡ª Sanitary Panels (@sanitarypanels) November 8, 2024
Modi came to power by promising to strengthen Rupee against Dollar
¡ª Veena Jain (@DrJain21) January 13, 2025
But today Rupee has reached Patal-lok ? #stockmarketscrash pic.twitter.com/i2IckwSysX
Why is the rupee falling?
The weakening rupee can be largely attributed to the strengthening US dollar.
The dollar index, which tracks the greenback against major global currencies, climbed by 0.43% on Friday, fuelled by strong US jobs data.
December's job report revealed that the US economy added 256,000 jobs, far surpassing the expected 164,000, and unemployment dropped to 4.1%, below the forecasted 4.2%.
This has led to expectations that the US Federal Reserve will keep interest rates higher for a longer period, dimming any hopes of rate cuts in 2025.
But, even though the dollar's strength has put pressure on emerging market currencies in general, the rupee has shown a more significant decline compared to other Asian currencies like the Thai baht, Philippine peso, and Malaysian ringgit, which saw drops ranging from 0.3% to 0.6%.
Additionally, rising global crude oil prices are also contributing to the rupee's fall. Brent crude surged to $80.64 per barrel, and as India is a major oil importer, higher prices add more pressure to its fiscal situation.
The Indian stock market also saw a sharp drop on Monday, mirroring the global sell-off prompted by the strong US payroll data, which made emerging markets less appealing.
To stay updated on the stories that are going viral, follow Indiatimes Trending.
Srishti B Dutta brings you everything from rags-to-riches tales and inspiring student success stories to those "No way, this can't be real!" moments. Whether it's intriguing, heartwarming, or just plain quirky, she's got it covered.
Read More