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Indian Currency Rupee News: A new history was created in the currency market when the dollar price crossed the level of Rs 85 for the first time as the record price of the dollar rose rapidly against the rupee in the currency market today. Amid a sharp fall, the rupee touched a low of 85 today, leaving market players stunned. At the same time, top officials of the Reserve Bank also appeared confused due to such a sharp fall of the rupee. There is a possibility of increase in inflation and inflation in the country due to falling of rupee.
After opening at Rs 85.04 in the morning, the dollar rose to Rs 85.9 at Rs 84.96 and finally closed at Rs 85.08. With the fall of rupee, the import cost of crude oil, gold, silver and various agricultural products has increased.
According to world market news, the Federal Reserve in the United States cut the interest rate by another five percent late on Wednesday, and the Chairman of the Federal Reserve also indicated that inflation in the United States has not yet been controlled as expected Considering that the pace of interest rate cuts is expected to slow down in the new year 2025.
Amidst these signals came the news that the global index of dollar rose rapidly against various major currencies in the world market and crossed the level of 108. Market sources said that due to this news, there was a sharp fall in the rupee against the dollar in the domestic currency market.
Due to the fall in the domestic stock market, it also had a negative impact on the rupee today. It was said that the outflow of dollars would increase. The global dollar index reached its highest level in two years. The dollar index has increased by more than six and a half percent this year. Today news came that this global index increased from 108.13 to 107.92.
The price of dollar against rupee increased from Rs 84.79 to Rs 85.09 in a week and in a short time the rupee fell by 30 paise. Meanwhile, RBI increased selling of dollar futures today.
According to market insiders, the RBI had estimated that around $3-4 billion worth of forward swaps were traded in such buy-sell swaps in the two sessions. Due to such activism by RBI, it was being said that further decline in rupee would be slowed down.
Meanwhile, the British pound fell by 7 paise to Rs 107.72 against the rupee, while the euro fell by 57 paise to Rs 88.59 in the Mumbai market today. The Japanese currency fell 1.79 percent. Whereas China’s currency saw a slight decline of 0.02 percent. The average dollar exchange rate against the rupee in 2014 was Rs 62.33. Given this, the value of the dollar has increased from Rs 62.33 to Rs 85 in 10 years. Assuming that the price in 2023 was Rs 81.94, the value of the dollar has increased by about three rupees in a year. As the dollar surged, experts predicted that exports from the country would accelerate and imported goods would become more expensive.
In the 2014 Lok Sabha elections, PM Modi himself had made the falling rupee an issue.
During the 2014 Lok Sabha elections, the then Chief Minister and current Prime Minister Narendra Modi had made the weakness of the rupee against the dollar an issue and attacked the then Prime Minister Manmohan Singh. Then PM Modi had said that Congress has sent the Indian currency rupee to the ICU. Now that Modi himself is the Prime Minister, he himself has maintained silence on the falling value of the rupee against the dollar.