Rupee rises sharply against dollar

(Gujarat News Office) MUMBAI: The dollar rose against the rupee in early trade today on the back of a sharp fall. The rupee rose against the dollar in early trade today as the stock market rebounded. The global dollar index, which had risen to a four-month high against various major currencies in the global market, was news of a sharp fall and its impact was also seen on the dollar in the Mumbai currency market today, market sources said.

The dollar also showed signs of slowing in July as inflation slowed in the US compared to June, world market analysts said.

In the Mumbai currency market, the dollar opened at Rs 4.5 in the morning and closed at Rs 4.5, a high of Rs 4.5 and a low of Rs 4.5. The dollar had lost 20 paise today. Meanwhile, the dollar index, which had hit a four-month high of 6.15 to 7.30, fell from a high of 7.8 to a low of 7.30 today.

Meanwhile, in the Mumbai currency market, the British pound opened at Rs 105 in the morning with a low of Rs 105.5 and closed at Rs 104.5 and a high of Rs 105.10.

The pound gained 11 paise today. Europe's currency, the euro, saw a slow recovery. The euro closed at Rs 3.15, up from Rs 4.15 at the beginning of the day.

The Japanese yen, however, closed lower by 0.4 per cent against the rupee today. While the Chinese rupee depreciated against the rupee today, it was last in the minus 0.15 per cent at the end of the day, currency market sources said.