Dollar bounces to Rs 76.23, a 52-week high

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(Gujarat News Office) MUMBAI: The rupee depreciated further against the dollar in early trade today on the back of the dollar. Market analysts said that the pressure on the rupee has increased amid a retreat in the stock market and higher crude prices.

The dollar opened at Rs 4.05 this morning and touched a high of Rs 4.5 to Rs 6.15. The rupee had lost another 3 paise today. Analysts said that the dollar had touched a 52-week high of Rs 6.5 today. The rupee has been depreciating sharply for the last four days.

According to currency market sources, various banks have recently bought dollars for oil companies. However, the possibility of banks selling dollars instead of buying dollars was also being discussed in the currency market today if the RBI's signal comes now that the dollar has appreciated.

With the Reserve Bank of India (RBI) having a large reserve of foreign exchange reserves, there was talk of a break in the dollar's rise. Meanwhile, the dollar index against various major currencies in the world market today jumped to a high of 9 and crossed the level of 9.15 to 5.05.

The British pound fell by 3 paise to 101.5 and was at 101.5 against the dollar in early trade in Mumbai. The European currency, the euro, fell by 50 paise to Rs 2.91 and was at Rs 8.50.

However, the Japanese yen rose 0.5 per cent against the rupee today. In the world market, there were indications of increased buying in the safe haven form in the yen. China's currency was also seen trading at 0.31 per cent higher today, market sources said.


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