look news india
The rupee hit a new low as the dollar strengthened against the rupee in the Mumbai currency market. The rupee was negatively affected amid a fall in the stock market and a rise in the dollar index in the world market. After opening at Rs 83.49 this morning, a dollar climbed to Rs 83.52 and reached Rs 83.59 and last closed at Rs 83.58. Earlier, the high price of the dollar in the last 52 weeks was Rs 83.54, today the dollar crossed the price level. As the rupee fell and the price of the dollar rose, the import cost of various commodities including crude oil imported into the country increased, and the prices of these commodities increased, and pre-budget inflation and inflation were likely to rise, market experts were showing.
Meanwhile, the global dollar index against various major currencies in the world market rose by 0.07 percent today from 105.32 to a high of 105.22. Most of the Asian currencies declined against the dollar in the world market. However, in the afternoon, some government banks came out to sell dollars in the Mumbai currency market and due to this, further decline in the rupee was stopped. If these banks had not come to sell dollars, experts were fearing that the rupee would fall even further. Recently, there were signs of increased hedging activity by importers and exporters in the currency market. Such activities increased in the market in the days after the election results.
The two-day meeting of the Federal Reserve in the United States has started on Tuesday and after the conclusion of this meeting on Wednesday, market players around the world were eyeing the signals given by the top officials of the Federal Reserve regarding inflation and interest rate cuts in the United States. US consumer inflation data is also due on Wednesday. With the rise in crude oil prices in the world market stopping and falling today, there was talk in the market that further decline in the rupee stopped this afternoon. The British pound rose 38 paise to Rs 106.42 in the Mumbai market today. When the European currency euro stopped declining, the price rose 14 paise to Rs 89.22 and the last closing price was Rs 89.85. However, the Japanese currency fell 0.13 percent against the rupee today, while the Chinese currency was 0.03 percent weaker against the rupee, market sources said.