look news india
Mumbai: Market sources said that today due to rapid increase in the price of dollar against rupee in Mumbai currency market, the rupee has fallen to a new low. Despite the rise in the stock market, the rupee fell in the currency market, market experts were surprised. The price of the dollar increased by Rs 83.15 and was trading from Rs 83.42 to Rs 83.43.
Earlier on December 13 last year, the price of dollar had reached the highest level of Rs 83.40, at that time a fall in the price of rupee was seen, but today the price of dollar increased from Rs 83.42 to Rs 83.43 and the price of rupee fell. Was seen. Today it was seen trading at new low levels. According to market insiders, there was talk of sudden dollar shortage in the currency market today as the dollar-rupee exchange was under pressure overnight.
Meanwhile, the dollar gained in the currency market despite the news that India's foreign exchange reserves increased by $ 6.40 billion to $ 642.50 billion. Today, due to rise in dollar against rupee in Mumbai currency market, on the so-called advice of Reserve Bank, some public sector banks sold dollars around 83.38 to 83.39. But the selling was less aggressive and the dollar continued to rise in its wake and the dollar gained momentum shortly before the market closed due to the absence of public sector banks from the market.
Meanwhile, there were reports from abroad not only of the Indian rupee but also of various Asian currencies falling against the dollar. China's foreign currency yuan fell to a four-month low. Korea's currency fell 1.20 percent. Meanwhile, news came that instead of reducing the interest rates, the Central Bank of Russia has kept it at a high rate of 16 percent.
World market experts were saying that the decision to keep interest rates high has been taken due to the increase in inflation of crude oil and fuel due to the war in Russia and Ukraine. Meanwhile, the euro fell in global markets after the Swiss bank cut interest rates, following speculation that European interest rates could be cut in June. Interest rates remained unchanged in Britain. The British pound fell to a four-week low in the global market. Today, the price of European currency Euro fell from Rs 90.76 to Rs 90.49 against the rupee in Mumbai currency market. While the price of British pound fell from Rs 106.20 to Rs 105.23 to Rs 105.24. The global dollar index was around 104.32 today. Experts were predicting the possibility of a cut in interest rates in America since June. In India, due to the fall of rupee against the dollar and rise in the dollar, experts were expressing fear that various goods imported into the country would become expensive and the possibility of further increase in inflation was also being discussed.
