closed at 85.65, closed at 85.61

Mumbai: The rupee hit a new low in terms of closing value on the last day of year-end 2024 as the rupee and dollar gained in the Mumbai currency market today. Market sources said that apart from increasing withdrawal of foreign funds and increase in crude oil prices in the world market, the pressure on the rupee has increased due to slowdown in the stock market.

This morning the dollar price rose from Rs 85.54 to Rs 85.56 and rose to Rs 85.65 and the last closing price was Rs 85.61.

However, there is news in the world market that the Global Dollar Index fell by 0.22 percent today and fell within 108 to a low of 107.87 to 107.89. The fiscal deficit in India increased to Rs 8.47 lakh crore between April and November, due to which the rupee declined.

On an annual basis, the rupee has declined by 3 percent in 2024. After the recent increase in India’s trade deficit, the fiscal deficit has also increased. At the end of December 2023, the value of the dollar was Rs 83.16, which has increased by about 3 percent year on year this year. On October 10, the price was moving above Rs 84 and now it is seen at Rs 86.

Some government banks were also seen selling dollars at higher prices in the currency market today. According to world market news, the offshore price of the Chinese currency yuan against the dollar has today reached a new low after falling to 2022. The news came that the prices of crude oil in the world market reached above $74 per barrel.

Meanwhile, the British pound fell by 9 paise to hit a low of Rs 107.37 against the rupee in the Mumbai currency market today, while it traded at a low of Rs 107.49. At the same time, the price of European currency Euro fell by five paise to Rs 89.02, the last price was Rs 89.20. However, Japan’s currency gained 0.63 per cent against the rupee today, while China’s currency was 0.07 per cent higher. Market experts were predicting the possibility of further fluctuations in the rupee in the new year.

The market is now eyeing the policy of the Reserve Bank and the budget of the government. Due to the fall in the value of rupee which has increased the import cost of various commodities including crude oil, gold and silver and resulted in increase in inflation, market experts were now speculating that the rate cut by the Reserve Bank would be delayed.

foreign exchange prices