Rupee Depreciation's Staggering Impact on India's Import Bill

The depreciation of the Indian rupee against the US dollar is projected to increase India's import bill by USD 15 billion. This will significantly impact imports from China, oil, and gold, although the lower Brent crude prices have slightly cushioned the blow, according to think tank GTRI.

The Indian rupee's continued decline against the US dollar is set to inflate the nation's import expenses by approximately USD 15 billion, according to the Global Trade Research Initiative (GTRI).

Since December, the Indian Rupee has depreciated by 2.34%, from Rs 83.25 to Rs 85.20 against the US dollar. Meanwhile, the Chinese Yuan fell by 0.06% over the same period.

This currency slump is forecasted to have a severe impact on imports, notably gold and industrial goods, increasing financial strain on the country's trade balance.

(With inputs from agencies.)