look news india
Mumbai: The rupee reached a new low in the Mumbai currency market today due to the strengthening of the dollar against the rupee. In the currency market, the rupee remained under pressure today due to further decline in the stock market.
After opening at Rs 83.84 this morning, the lowest price was Rs 83.83 and the highest price was Rs 83.98 after Rs 83.86. Market experts were speculating that the price of the dollar has reached a high of Rs 84, if the price crosses the level of Rs 84, then the dollar will bounce back sharply and a new low price will be seen in the rupee. Market experts were fearing that as the rupee falls and the price of the dollar rises, the import cost of various commodities including crude oil imported domestically will increase and this will lead to further increase in inflation and inflation.
In such a situation, the Reserve Bank is now keeping a close watch on the currency market and experts were also estimating that after the RBI's instructions, government banks will come out to sell dollars in the market. There was a discussion in the market today that when the foreign exchange reserves in India have reached a record level, then there is no need to worry even if the RBI sells dollars.
Meanwhile, there is news that the global dollar index also rose against various major currencies in the world market today. The global dollar index rose from 102.68 to 102.69 to 103.14 to 103.06 to 103.07. With the rise in the global dollar index, its effect was also seen positively on the price of the dollar in the Mumbai currency market today.
The markets were keeping an eye on when the next interest rate cut in the US takes place. Meanwhile, the British pound fell from Rs 106.85 to Rs 106.73 against the rupee in the Mumbai market. The price of the European currency euro fell from Rs 91.84 to Rs 91.56 and finally settled between Rs 91.63 and Rs 91.64. Today, the Japanese currency fell by 0.41 to 0.42 percent against the rupee, while the Chinese currency saw a marginal decline of 0.02 to 0.03 percent.
