The dollar rose to a 12-month high on falling forex reserves

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(Gujarat News Office) MUMBAI: The dollar rose against the rupee in the Mumbai currency market today, hitting an 18-month high. Sources said that the rupee had depreciated sharply against the dollar in the currency market today as the stock market plunged again.

The dollar opened at Rs 6.15 today with a low of Rs 4.15 and a high of Rs 4.5 and closed at Rs 4.5. The dollar had earlier touched a 52-week high of Rs 5.31 and today, the dollar has moved closer to its peak, sources said. The dollar rose 3 paise today.

The dollar index was up 0.50% against various major currencies in world markets today. The dollar index, which was 2.15, rose to 8.21 today. Market players were keeping an eye on the growing prevalence of the new virus Omicron and the price of crude oil.

Meanwhile, the British pound fell by 50 paise against the dollar today as the dollar appreciated. The pound, which was trading at Rs 4.5, today closed lower at Rs 2.50 and closed at Rs 4.5.

The European currency, the euro, however, saw a slow recovery. The euro closed at a low of Rs 4.5 and a high of Rs 4.5 and a high of Rs 7.5. The Japanese yen was trading 0.50 per cent higher against the rupee today.

There was news that the Central Bank of China had reduced its cash reserve ratio. Indicators of a ઘટાડો 2.31 million decline in India's forex reserves also had an adverse effect on the rupee today, market analysts said.

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