Cooking oil – India’s currency is continuously weakening, which also signals inflation. If the situation continues, the taste of food may deteriorate in the coming days. This could lead to a significant increase in the prices of edible oils.

According to a report, India imports 60 per cent of its oil consumption. The falling value of the rupee may cause oil prices to fall in the coming days. The rupee is already setting new records for falling prices. It has even touched its lowest level ever.

In the last six months, it may see a decline of 6 per cent. This is why importing goods has become increasingly difficult. Expensive oil can spoil the taste of your food.

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The continued weakening of the rupee has increased the possibility of edible oil becoming more expensive. India imports 60 per cent of its edible oil needs. Last year, 16 million tons of edible oil were imported into India.

Its value was approximately ₹1.60 lakh crore. Edible oil prices are already high in the global market. Consequently, edible oil prices in India could become significantly more expensive. This will directly impact the pockets of ordinary citizens.

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The budget could be affected.

For information, the rupee fell again to 90.56 against the dollar on Friday. There are reports that dollar purchases were made yesterday for defence and interest payments. Oil companies are currently purchasing dollars. Following the Modi-Trump talks, the rupee is trading strongly in New York.

It rose to 90.15/$ today in New York from 90.36/$ on Thursday. Furthermore, the lack of trade discussion during the talks between PM Narendra Modi and Trump also disappointed traders in India. According to dealers, low liquidity and small traders are driving the market. According to dealers, dollar selling in the morning was not limited to the RBI but also to private parties.