Dollar falls as US inflation comes in lower than expected

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In the currency market, the rupee's weekly surge broke a four-year record

Mumbai: The rupee rose like a spring as the dollar tumbled sharply against the rupee in the Mumbai currency market today. Today, the price of the dollar fell by 101 paisa and went down to Rs.81. According to sources in the currency market, stock markets and gold prices rose in the world market as the increase in the inflation rate in America was less than the market expectations.

As the global dollar price tumbled against various currencies in the world market today, there was a rapid rise in the stock market in the Mumbai market at home.

Widespread volatility has been observed in various markets globally amid the possibility of a slowdown in interest rates going forward, with inflation in the US coming in lower than expected, market insiders said.

In the Mumbai market, the dollar price against the rupee was Rs.81.81 this morning, after opening at Rs.80.71, the price went down to Rs.80.58. However, after that the price increased to Rs.80.99 and closed at Rs.80.80. A total of 101 paise fell against the dollar. The rupee rose against it.

This week's appreciation in the rupee has broken a four-year record. Global forecasts were showing the possibility that the interest rate increase in America in December will be only half percent instead of quarter percent. Overall, the rupee has gained two percent this week.

Meanwhile, the dollar index fell by 0.81 percent against various major currencies in the global market today. The dollar index broke below 108 today and touched a low of 107.32. As the British pound rose against the dollar in the world market, the price of the British pound rose by 199 paisa against the rupee in the Mumbai market today. Today, the price of pound crossed Rs.95 to Rs.95.13 to Rs.94.98.

The price of Euro, the currency of Europe, also rose by 147 paise against the rupee today. The price of Euro crossed Rs.83 to Rs.83.04 to Rs.82.96. The currency of Japan rose by 2.83 percent against the rupee, while the currency of China remained minus 0.08 percent against the rupee. There was talk in the market that China's currency was under pressure due to the resurgence of Covid cases in China.

Meanwhile, according to Goldman Sachs, there is a possibility that the interest rate increase in February and March of next year in America will be only five percent.

Forex rate (in rupees)

dollar

- 101 paise

80.80

pound

+ 199 paise

94.98

Euro

+ 147 paise

82.96


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