The rupee fell to 85.80 during trading and finally reached a low of 85.75.

Mumbai: There was talk of a new crack in the rupee due to the sharp rise in the dollar against the rupee in the Mumbai currency market today. Despite a sharp rise in the stock market, market players were stunned as the rupee continued to fall in the currency market. Market insiders said that in terms of closing value, the rupee hit a new low today. This morning the dollar price opened at Rs 85.65 at Rs 85.70, the lowest price was Rs 85.67 and then the price rose rapidly to the highest level of Rs 85.80 and the last closing price was Rs 85.75. There were reports of Japan’s currency reaching a five-month low against the dollar in the world market. There were signs that the dollar was playing on the front foot in the world market amid speculations that new President Trump’s policies in the US could lead to rising inflation.

After the dollar index increased by 7 percent in the world market last year, there was a fear that the beating of the dollar would continue in the beginning of the new year. European currencies declined 6 percent last year. Experts were predicting the possibility of a significant cut in interest rates in Europe this year. However, the British pound declined only 1.70 percent last year. Australian and New Zealand dollar prices fell to two-year lows. The Australian dollar declined 9.20 percent last year while the New Zealand dollar declined 11.40 percent last year. It is reported that the global dollar index reached the highest level of 108.83 today.

Analysts were expecting global inflation to rise due to the rise in crude oil prices. Meanwhile, the British pound fell by nine paise to 107.05 against the rupee in the Mumbai market today. However, it rose by 7 paise to Rs 88.77 against the rupee. The Japanese currency appreciated by 0.29 percent against the rupee.

Whereas China’s currency remained more than 0.24 percent. Purchasing by importers remained in dollars today. There was discussion in the market about the possibility of the dollar price rising rapidly to Rs 86. As India’s manufacturing figures weaken, it is also impacting the rupee. The market was eyeing the RBI policy to support the rupee.

foreign exchange prices