Rupee falls further against dollar: loses intra-day 81 level

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MUMBAI: In the Mumbai currency market today, the price of the dollar crossed the historic high of Rs.81 at one stage as the dollar advanced against the rupee. A sharp drop in the stock market and a rise in the dollar index against various major currencies in the global market led to a record rally in the dollar at home, while the rupee tumbled further to hit new lows. The price of the dollar opened at Rs.80.86 this morning at Rs.81.09, rose to Rs.80.77, fell to Rs.81.25 and finally closed at Rs.80.99.

According to the talk in the market today, due to the so-called advice of the RBI, some direct banks went out to sell the dollar and due to this, the price of the dollar closed within Rs.81. Today, the rupee lost 13 paise more against the dollar. Market sources said that the rupee's sharp fall this week has broken a one-and-a-half-year weekly record.

The rupee has fallen by 1.60 per cent this week and has witnessed a special crash in the last two days. According to some bankers, the intervention in the currency market by the RBI is likely to be slow in the period of October to March, given that it is not surprising if the dollar goes even higher, the calculation was being discussed in the market.

In the world market today, the global index of the dollar rose further and exceeded the level of 112. There were indications that the price was 112.34 to 112.14. Interest rates in the US have been rising and are likely to rise further. The informants were showing the fear that the dollar will increase to Rs.82 in India now.

Meanwhile, the British pound broke 114 paise as the dollar rose against the rupee in the Mumbai market today. There was news of the pound falling against the dollar in the world market as well. In the Mumbai market, the price of the pound fell below Rs 90 at one stage to Rs 89.69 and finally stood at Rs 90.16.

Against the rupee today, the price of Euro, the currency of Europe, also fell by 65 paise and the price was Rs.78.84 to Rs.79.07. The price difference between the dollar and the euro widened. The Japanese currency fell by 1.34 percent against the rupee today, while the market indicated that the Chinese currency rose by 0.70 percent against the rupee.

In the figures of forex reserves in India released today, the news that the forex reserves decreased by another 5.21 billion dollars also had a negative impact on the rupee price in the currency market. Now the market players were keeping an eye on how much the interest rate should be increased in the meeting of the Reserve Bank in the coming week.

Forex rate (in rupees)

dollar

+13 money

80.99

pound

-114 money

90.16

Euro

-65 paise

79.07

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