The dollar rebounded against the rupee on fears of rising interest rates in the US

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(Gujarat News Office) MUMBAI: The rupee depreciated sharply by 3 paise today on the back of a faster rise in interest rates in the US as inflation rose faster than expected and the Reserve Bank of India (RBI) kept interest rates unchanged. And at the end of the day, it was down to a two-week low.

The rupee depreciated sharply against the dollar in early trade today on the back of a sharp rise in the dollar. In the United States, where inflation has soared to a 30-year high, the dollar has risen amid speculation that the government may be more proactive in raising interest rates. The fall in the stock market and higher crude prices have also had a negative impact on the rupee, market sources said.

In the Mumbai market, the dollar opened at Rs 4.5 in the morning and closed at Rs 4.5 after hitting a high of Rs 4.5. The dollar had gained 6 paise today. The dollar index rose from 7.5 to 8.05 to 7.5 against various major currencies in world markets today.

The British pound also rose against the rupee in the Mumbai market today. The pound bounced from Rs 101.5 to Rs 105.05 and stood at Rs 101.5. The pound was up 3 paise today. However, the European currency, the euro, fell by Rs 4.5 to Rs 4.5 and remained at Rs 4.5.

Japan's yen rose 0.6 per cent against the rupee, while China's currency was up 0.2 per cent, market sources said.

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