Rupee closes at fresh low of Rs.83.39 against dollar as dollar rises

Global dollar index rises from three-month low in the world market: fear of rising inflation as rupee falls

(Gujarat News Bureau) MUMBAI: The rupee touched a new low in the closing price as the dollar edged higher against the rupee at the Mumbai currency market today. After opening at Rs.83.31 this morning at Rs.80.33, the dollar closed at a low of Rs.83.29 and closed at a high of Rs.83.40 at the top of Rs.83.39. Globally, the rupee's performance against various Asian currencies was seen as the worst. Despite the stock market rally, the rupee weakened.

The rise in crude oil prices in the world market had an adverse effect on the rupee. However, due to the so-called advice of the Reserve Bank, some state-owned banks went out to sell dollars today and the decline in the rupee was limited to that extent. Meanwhile, market experts were showing the fear that as the rupee depreciates, the import cost of various items imported into the country will increase and inflation will increase. Foreign banks were buying dollars in the Mumbai market today. Meanwhile, the British pound fell three paise against the rupee today to Rs 105.64. While the price of Euro fell by 28 paise to Rs.91.17. After reaching a three-month low, the global index of the dollar rose again to the level of 103. Today there were indications that it was 103.19 to 103.11.

However, before this, the global index of the dollar against various major currencies in the world market was seen close to a three-month low. Before this, this index reached the level of 102.46 on 10th August and now again this global index has gone to a three-month low. In the month of November, this index has seen a decrease of around four percent and this decrease in November is considered to be the biggest monthly price decrease in the last seven months. The dollar prices remained under pressure at the global level as the possibility of a further cut instead of an increase in the interest rates in the US was discussed, market insiders said. The market was eyeing the speech to be presented by the Federal Reserve units in the US on Friday (today). Inflation figures were also being awaited in the market. Meanwhile, two-year bond yields in the U.S. fell to new lows since July. The Japanese currency rose to a two-and-a-half-month high against the dollar in the global market.