Rupee depreciates against dollar in currency market

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(Gujarat News Office) MUMBAI: The dollar strengthened against the rupee in early trade today. Market players were surprised as the rupee continued to depreciate in the currency market today despite the rally in the stock market.

The global dollar index against various major currencies also rose today, according to world market news. The recent various job market figures in the US have been encouraging and now the market players were keeping an eye on the inflation figures released on Wednesday (today).

In the Mumbai currency market, the dollar today touched Rs. 4.5 in the morning Rs. After opening at Rs. 2.3 in the high Rs. 6.5 and closing price at Rs. 6.5. The dollar had gained another 15 paise today. Meanwhile, in the global market today, the dollar index was at a low of 7.5, a low of 7.8 and a high of 8.05, and remained at a high of 2.08. The index had gained 0.15 per cent today.

The rise in the dollar index in the global market has had a positive effect on the dollar at home amid fears that the government will reduce bond buying if inflation rises. Meanwhile, in the Mumbai market, the British pound today traded at Rs. 105.05 open low below Rs. 105.5 to a high of Rs. 104.5 to Rs. It was closing at 108.15. Pound prices rose slowly today.

The European currency, the euro, was lower against the rupee today. The euro is priced at Rs. 4.5 this morning at Rs. 4.5 in open high Rs. 7.5 and below Rs. 2.5 to Rs. It was closing at 7.5. UAE prices were eight paise softer today. The Japanese yen closed 0.1 per cent lower against the rupee at the end of the day. While the Chinese currency rose sharply against the rupee today, it was last trading at 0.8 per cent plus, currency market sources said.

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