New minimum level of 84.86 amid huge fall in rupee

Mumbai: The rupee today hit a new low in the Mumbai currency market due to the sharp rise of the dollar against the rupee. This morning, after opening at Rs 84.78, the dollar jumped to a new high of Rs 84.86 and finally closed at Rs 84.85. Today the rupee fell 0.13 percent against the dollar. The rupee remained under pressure in the currency market amid indications that the new Reserve Bank of India Governor Lothra may take steps towards further reduction in interest rates.

Experts were predicting the possibility that RBI will reduce interest rates in the beginning of the new year. Analysts expected interest rates to be cut in the next credit policy meeting of the RBI in February. There was talk in the market that the new governor will now focus on development instead of inflation. Various rating agencies and investment bankers are expressing such a possibility.

Meanwhile, with the dollar rising and the rupee hitting new lows, market analysts fear rising import costs of crude oil and various agricultural products, besides gold, silver and non-agricultural imported goods, amid fears of a rise in inflation and inflation in the country. Are predicting. Were

However, experts were also calculating that due to the fall of rupee, exports of various goods from India would increase. Markets around the world were keeping an eye on the inflation data coming from America. Players were also watching to see how much interest rates are cut at the US Federal Reserve meeting next week. It is reported that the global index of dollar against various major currencies in the world market today increased by 0.17 percent to the highest level of 106.41 from 106.33.

Meanwhile, the British pound rose 4 paise to Rs 108.30 at the Mumbai currency market today and last traded at Rs 108.23. However, the European currency euro has declined by 17 paise against the rupee. The price of Euro fell to Rs 89.29 and was last at Rs 89.37. The Japanese currency depreciated by 0.09 per cent against the rupee while the Chinese currency appreciated by 0.16 per cent against the rupee. There were also rumors of an increase in exports from China, and rumors that the government would offer sweeping new stimulus to shore up the battered economy.

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