Russian nuclear threat shakes currency markets: Rupee hits new low

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Mumbai: In the Mumbai currency market today, the rupee fell sharply as the dollar rose against the rupee. The price of dollar rose to the level of Rs.80 in the current market. A sharp rise in the dollar was seen in the currency market amid a look at the pace of interest rate hikes in the United States. Sources in the market said that the pressure on the rupee has also increased due to the retreat in the stock market.

The dollar price of Rs.79.75 opened at Rs.79.80 this morning and was at a low of Rs.79.78 and then rose to a high of Rs.80 and crossed Rs. 80.02 to close at a record high of Rs.79.98. Rupee lost 23 paise today. As Russia started showing a renewed aggressive stance against Ukraine, its impact was also seen negatively on the currency market.

At the time of this writing, the possibility of an increase in interest rates in the US by more than a quarter to one percent was heard among market players. Meanwhile, the global index of dollar against various major currencies in the world market rose again above 110 to reach a high of 110.34 to 110.30.

The global dollar index is seen near a 20-year high. The pound and euro fell against the dollar in the global market. In the Mumbai market today, the British pound fell by 21 paise to Rs.90.74 to Rs.90.87.

The pound fell back to within Rs.91. The price of European currency Euro also fell by 25 paise against the rupee. The price of Euro was lower at Rs.79.46 to 79.57. The Japanese currency yen was down 0.05 percent against the rupee today, while the Chinese currency was down 0.22 percent.

Russia's threat of nuclear attack on Ukraine has also led to a surge in the currency market and its bullish effect on the dollar has been seen. As the situation between Russia-Ukraine became tense again, crude oil rose in the world market today and due to this, its negative impact was seen on the rupee in the Mumbai currency market, market sources said.

Forex rate (in Rupees)

dollar

+23 paise

79.98

pound

-21 paise

90 , 87

Euro

-25 paise

79.57


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