The dollar fell sharply after hitting a high of Rs 83.29 amid fresh gains

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MUMBAI: Ahead of Diwali, the dollar hit a new high in the Mumbai currency market as the dollar rose to a record high earlier in the day. But after afternoon selling in dollars started, the price came down quickly from the peak and fell within Rs.83, market sources said.

After setting a new record high of Rs.83.29 at Rs.83.03 today, the price tumbled to a low of Rs.82.70 to Rs.82.75. Counting from the peak of the day, today the price of dollar was broken by 59 to 60 paise. While the rupee rose by 28 paise today from Wednesday's closing price. According to the talk in the market today, due to the rise in the dollar, some government banks came out to sell dollars in the market and forward.

Market players were keeping an eye on the fluctuation of bond yields in the US. The global dollar index has risen by about 18 percent this year and reached a 20-year high due to the rapid increase in interest rates in the United States.

Foreign investors have withdrawn around 23 to 24 billion dollars from India's stock markets and around one and a half billion dollars from the debt market this year, which has increased the pressure on the rupee, market insiders said. However, today the global dollar index fell by 0.17 percent to 112.71 at the low of 112.79 which was recorded at the high of 113.09.

Meanwhile, the British pound dropped by 90 paise to Rs 92.75 in the Mumbai currency market, while the European currency Euro fell by 54 paise to Rs 80.89 to Rs 80.95. The Japanese currency was 0.41 percent weaker against the rupee, while the Chinese currency was seen at a minus of 0.17 percent.

Forex rate (in rupees)

dollar

-28 paise

82.75

pound

- 90 paise

92.75

Euro

- 54 paise

80.95

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