look news india
Mumbai: A sharp fall in the dollar prices against the rupee was seen in the Mumbai currency market today. The dollar fell to a low of Rs 84.53 this morning after opening at Rs 84.74 at Rs 84.65. After this the price again increased to Rs 84.70 and the last closing price was Rs 84.69.
Despite the sharp retreat in the stock market, the rupee remained overall strong in the currency market today. Meanwhile, the impact of inflation was seen on the currency market because the Reserve Bank of India reduced the cash reserve ratio for banks in the credit policy released today. Market analysts were predicting increase in liquidity in the market due to reduction in CRR by RBI.
However, today the rupee appreciated against the dollar in the currency market. But on a weekly basis, the rupee continued to decline for the last five consecutive weeks, market sources said, adding that the weekly decline has continued this week as well.
The dollar retreated against the rupee in the Mumbai currency market on expectations that the RBI has raised the interest rate limit on foreign currency deposits for non-resident Indians and increased dollar inflows through such deposits.
However, after the fall in the dollar price in Mumbai market today, the dollar price again rose from the lower levels in the afternoon due to buying of dollars at lower levels by importers and oil companies. For market informers.
However, the global index of the dollar against various major currencies in the world market today stood at 105.71, indicating a high of 105.90 to 105.82 after a low of 105.68. The dollar retreated against the rupee in the Mumbai currency market today, while the British pound and the European currency euro saw gains.
The British pound crossed Rs 108 mark by 27 paise to trade at Rs 108.16 and the last close was Rs 108.07. While the price of Euro increased by 37 paise to Rs 89.73 and finally to Rs 89.59.
Meanwhile, India’s foreign exchange reserves, after a sharp decline recently, have now steadied further, rising by $1.51 billion to $658.09 billion, weighing on the rupee. Meanwhile, the Japanese currency fell by 0.41 per cent against the rupee in the Mumbai market today, while the Chinese currency was said to be down by minus 0.15 per cent.
