Rupee hits new low of 85.29 as dollar outflows increase

Mumbai: There was talk of a new crack in the rupee in the Mumbai currency market today as the record value of the dollar against the rupee continued. It was said that purchases by importers in dollars would increase. This morning, Dozer price opened at Rs 85.22, increased from Rs 85.21 to close at Rs 85.29 and last closed at Rs 85.26.

The rupee fell 0.06 percent against the dollar. Apart from the increasing withdrawal of dollars and increase in trade deficit, there was also talk in the market of increasing pressure on the rupee in the currency market due to the recent decline in foreign exchange reserves. However, market insiders said the appreciation in the dollar led to selling in public sector banks and hence the fall in the rupee was limited.

Globally, rise in US bond yields had a negative impact on various Asian currencies including the rupee. There were also indications that the dollar is strengthening against Asian currencies due to talk of the possibility of slowing down the pace of interest rate cuts in the US in the new year.

The price of dollar against the rupee was expected to reach Rs 85.50. The global dollar index today was at a low of 108.11 and a high of 108.25.

Meanwhile, the British pound fell by 20 paise against the rupee in the Mumbai market today. The price of the pound fell to Rs 106.79 and finally to Rs 106.84. However, the European currency Euro appreciated by 12 paise against the rupee today. The price of Euro increased to Rs 88.73 and was last at Rs 88.68. Meanwhile, the Japanese currency was down 0.15 per cent against the rupee today, while the Chinese currency gained 0.06 per cent.

Meanwhile, Mumbai stock market remained steady today amid minor fluctuations due to weakness in the rupee domestically due to rise in crude oil prices in the global market, market insiders said.

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