Rupee reaches new low of Rs 84.88 against dollar

Mumbai: Today, the rupee reached a new low due to the rise in the dollar against the rupee in the Mumbai currency market, while the dollar reached a new high. The impact of the fall in the stock market was seen on the rupee in the currency market. After opening at Rs 84.80 this morning, the price touched a low of Rs 84.82, with market experts saying that this marks a new record in terms of prices.

Now the eye is on the level of Rs 85. The yield of US bonds has increased in the global market and its effect was also seen on the rupee today as the Chinese currency declined against the global dollar and India’s trade deficit increased. It was reported that India’s trade deficit has increased to a record high of $37.84 billion.

Actually, experts were expecting that such trade deficit would be around 23.90 billion dollars, but on the contrary, the trade deficit in November has become more than expected. In October, such trade deficit was recorded at $27.14 billion. The market was eyeing the Federal Reserve meeting to be held in America on Tuesday and Wednesday. In this meeting, market experts were predicting the possibility of a cut in interest rates by about five percent.

Meanwhile, the global index of the dollar today fell by 0.11 per cent to a low of 106.76 from 106.89 against various major currencies in the world market. The British pound rose by 21 paise to Rs 107.52 against the rupee in the Mumbai market and finally closed at Rs 107.39.

The price of European currency Euro today increased by 22 paise against the rupee to reach Rs 89.07 and was last at Rs 89.15. Market insiders said the Japanese currency was 0.02 per cent higher against the rupee, while the Chinese currency was trading 0.07 per cent lower. There was talk of short selling in the dollar index in the world market. Due to decrease in foreign exchange reserves in India, its impact was also seen on the rupee. Meanwhile, news came that Pakistan has continued to cut interest rates.

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