Mumbai: The price of dollar rose sharply against rupee in Mumbai currency market today. The record breaking rise in the stock market had a positive effect on the currency market. This morning, the price of dollar opened at Rs 83.63 with a low of Rs 83.69, then the highest price was Rs 83.64, then the lowest price was Rs 83.48 and the last closing price was Rs 83.56.
After the reduction of interest rates by half a percent in the US, the rupee has risen sharply in the Mumbai currency market for the last two days, while the value of the dollar against the rupee has seen a significant decline in the last two days. The price of the dollar had earlier fallen below Rs 83.50 on July 9. Today, some foreign banks were also seen selling dollars in the Mumbai market.
There was a buzz in the market that two of these foreign banks are based in the US. Today the news came that the prices of various Asian currencies and other major currencies have risen against the dollar in the world market. In the Mumbai market today, buying was seen in some government banks at the lower price of the dollar.
These government banks were making such purchases for importers and the RBI. Meanwhile, foreign exchange reserves in India rose by US $ 223 million to a new high of US $ 689.46 billion, which had a positive impact on the rupee in the currency market.
However, in the world market today, there were nine reports of the dollar's global index moving above its peak. There were indications that the dollar's global index had risen to 100.80 after hitting a low of 100.41. In the Mumbai market, the British pound rose 6 paise against the rupee to Rs 111.10. Prices fell after touching a high of Rs 111.44.
The value of the European currency Euro fell by 26 paise to Rs 93.28. Meanwhile, the Japanese currency today fell by 0.77 percent against the rupee, while the Chinese currency saw a slight decline. The fall in the price of crude oil in the world market again had a positive effect on the value of the rupee.