US Dollar Unfavorable Against Rupee Ahead of Interest Rate Hike

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Mumbai: The Mumbai currency market saw a one-sided surge in the dollar price against the rupee today. The price of the dollar opened at Rs.82.54 at the beginning of today at Rs.82.64, after trading at a low of Rs.82.52 to 82.53, the price increased again from Rs.82.70 to 82.71 to Rs.82.66.

As the stock market rose, the rupee initially rose in the currency market, but then there were indications that importers would buy less in dollar terms. Meanwhile, in the world market today, the global index of the dollar against various major currencies indicated a low of 103.29 and a high of 103.51 to 103.50.

The two-day meeting of the Federal Reserve of America has started on Tuesday and on Wednesday (today) there will be an increase in the interest rate. Global market players were keeping an eye on how much interest rates are raised there. Today, the informants were showing the possibility of an increase of eighty five percent in the interest rate there.

Meanwhile, the British pound rose above Rs.101 against the rupee at the Mumbai currency market today. The price of chicken increased from Rs.100.76 to 100.77 and was Rs.101.35 to 101.36 and Rs.101.28 to 101.29.

The price of Euro, the currency of Europe, crossed Rs.89 today from Rs.88.30 to 88.31 to Rs.89.03 to 89.04. However, the Japanese currency was trading at a minus of 0.70 percent against the rupee. The Chinese currency was also depreciating against the rupee.

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