Indian Rupees have observed a drop in its currency value against base of US Dollar currency.
The currency exchange in global market have been facing a series of lows, with some currency exchange patterns hitting even more volatile areas, as a resulting effect from the COVID-19 pandemic’s impact.
Indian Rupees has dropped in currency value against US Dollars by 21 Paisa, with the total exchange of 1 US Dollar worth 78.85 Rupees.
During the previous week, the currency value for Indian Rupees lifted at only a rate of 75.83 Rupees per one Dollar.
The South-Asian giant, a close ally to Maldives and a strong single market of travelers to the island nation’s tourism have faced major economic detriments. The impact on the country’s economy will affect the island nation as well since the South-Asian neighbor is a strong trade partner of the island nation.
Moreover, several Maldivians are residing at various locations of India and will face these adversarial effects as well.
Meanwhile, India is exercising a 21 day lockdown at the country in light of the viral pandemic’s spread. The total positive cases from India has been reported at 5,356 with 468 fatalities.