The rupee of India fell to a historic low of ₹88.46 against the U.S dollar last week, further hampering the already suffering millions grappling with the escalating prices.
The rapid devaluation has increased the prices of imported basic necessities like fuel, cooking oil and medicine, which particularly affects low-income families which use a major portion of their income on daily necessities. The economists reported that the currency has been undermined by foreign investment outflows and tariff concerns leading to the intervention of the Reserve Bank of India through market interventions.
As policymakers consider stabilising options, the inflation cost is raising concern on inequality and raising a debate on how India can grow to safeguard the poorest of its citizens.