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Rupee Hitting Historic Low Against Dollar On The Anniversary Of Demonetization Triggers Hilarious Meme Fest Online

Savannah

Rupee has been on a freefall forever now, and we at Mashable haven’t covered it since 2022! And now, on the auspicious occasion of the 8th anniversary of the disastrous demonetization and Donald Trump’s painting the White House red, the Indian currency has decided to take a plunge and sink 17 paise lower than the last historic low on a single day. One of the several reasons for the rupee’s performance is also attributed to the continuous outflow of foreign funds and the weaker trends in the domestic equity markets. The selling price, coupled with other global factors, including the rate cut by the US Federal Reserve, has caused the Indian currency to tumble even further. The Indian rupee fell to 84.28 against the US dollar on November 6 and is still dangling around the mark. At press time, the value of the INR against the US dollar is 84.38.

Per finance pundits stating to various media houses, the 47th president of America’s stance on tariffs and his administration’s expansionary policies may blanket the country with inflation. This would trigger the Trump administration to tighten the rate environment to get higher dollar yields and thereby impact Asian currencies, including the Indian rupee. The Wire report on the rupee’s free fall quips that the RBI’s fiscal strategies should be to reduce market volatility and not influence the currency’s direction. Interestingly, today also marks the 8th anniversary of the nightmare of demonetization on November 8, 2016. Has demonetization curbed black money at all? Per the Business Standard report, 90% still believe that black money is very rampant in real estate, with cash in circulation doubling from 2016’s Rs 17 lakh crore to Rs 34 lakh crore in 2024.

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Meanwhile, the internet erupted in memes as netizens took a jibe at the rupee sinking another low. “Girne ke mamle mein Rupee abhi bhi dusra hai,” a user took a dig, while others made the cliched Nirmala Tai jokes.

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