Rupee breaks further towards 82 against the dollar

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220 paise drop in rupees in six days

Mumbai: A new history was created in the Mumbai currency market today as the dollar bounced back against the rupee. As the dollar rose to close to Rs.82, the rupee hit a new low. The price of the dollar opened at Rs.81.88 this morning with a price of Rs.81.59, then the price was at a low of Rs.81.80 and then at a high of Rs.81.96 it was Rs.81.94. The rupee today broke by 35 paisa against the dollar.

The dollar saw a renewed surge in the currency market today amid talk of increased outflow of foreign investment from the stock market. Meanwhile, in the world market, the dollar global index was pointing higher today at 114.78 to 114.59.

The rise in bond yields in the global market had a negative impact on the rupee. Meanwhile, the forex reserve with the Reserve Bank of India has decreased and the experts are showing the possibility of such reserve decreasing further and due to this, the price of dollar has been seen rising against the rupee.

Analysts were fearing that the forex reserve would fall by another $23 billion to $523 billion by the end of this year. This bottom is considered a two-year bottom. Some sections were even showing the fear of such reserve falling to the head of 500 billion dollars.

In 2008, such reserve had decreased by 20 percent and the same rate of decrease of reserve has been seen this time as well.

Meanwhile, the pound fell by 1 paise against the rupee in the Mumbai market today as the British pound depreciated against the dollar in the global market. The price of pound was lower at Rs.87.09 to Rs.87.52. There was news that China's currency has fallen to a new low after 2008 against the dollar in the world market.

The price of European currency Euro fell by 17 paise against the rupee today and the price was Rs.78.14 to Rs.78.21. However, the Japanese currency rose by 0.35 percent against the rupee today. While China's currency was minus 0.40 percent.

However, the informants were also showing the possibility of further increase in the price of dollar to reach Rs.82.50 to Rs.83.00. However, there was news that the dollar fell faster against the currencies of China, Korea and Thailand today. The dollar index rose to a new 20-year high in the global market.

Forex rate (in rupees)

dollar

+35 paise

81.94

pound

-51 money

87.52

Euro

-17 paise

78.21

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