Rupee falls against dollar for ten consecutive weeks

Mumbai: The rupee today hit a new low in the Mumbai currency market as the dollar reached a record high against the rupee. Market sources said that the dollar appreciated against the rupee and at one point today it reached close to Rs 86. The pressure on the rupee continued even today due to the fall in the stock market and increased withdrawal of dollars. This morning the dollar price after opening at Rs 85.87 rose to a low of Rs 85.85 and then rose sharply to a high of Rs 85.98 and finally closed at Rs 85.96 with a fall of 9 paise. Rupee was seen trading at its lowest ever level today. In the world market, the yield of 10-year American bond increased to its highest level in 8 months, which had a positive impact on the dollar, while its negative impact was seen on the rupee. Due to selling in Mumbai market, the value of rupee has been falling against the dollar for the last 10 consecutive weeks.

Following a decline in unemployment claims in the US, job growth numbers were the focus of players. Meanwhile, there is news that the global index of dollar against various major currencies in the world market today ranged between a low of 109.08 and a high of 109.38 to 109.17. However, today, US government banks rushed to sell dollars at higher prices and the rupee was on a slow recovery after falling near the low of Rs 86.

It was discussed that foreign investors have withdrawn about 3 billion dollars from the stock and bond market this month. Meanwhile, news came that unemployed claims in America have decreased from 2 lakh 11 thousand to 2 lakh 1 thousand.

Meanwhile, the British pound rose by 31 paise against the rupee in the Mumbai market today. The pound price rose to Rs 105.80 and last closed at Rs 105.77. The European currency Euro gained 6 paise against the rupee. The euro price rose to Rs 88.62 and the last closing price was Rs 88.56. The Japanese currency rose 0.26 percent against the rupee today. China’s currency was seen trading at more than 0.11 percent.

The swearing-in ceremony of the new President in America is going to take place on January 20 and considering the policies of the new President Trump, the inflation rate is likely to remain high and the inflation rate is likely to remain high. Interest rates will fall further and the global dollar index will rise to a high of 110. Informant calculations were showing it would continue to go up.

In such a situation, there was a fear of the rupee falling from Rs 86.25 to Rs 86.50 in the Mumbai currency market. However, in such a situation, the market was now eyeing the role of the new Governor of the Reserve Bank.

Today the price of crude oil in the world market increased by 3 percent and reached close to $ 80 per barrel, the impact of which was also seen negatively on the rupee. Market sources said this.

Foreign exchange reserves fell to $ 634.58 billion amid rupee weakness.

The country’s foreign exchange reserves declined by $5.69 billion to $634.58 billion in the week ending January 3. Reserves had declined by $4.11 billion in the previous week. Due to continuous selling by foreign institutional investors, the Indian stock market is witnessing a decline in foreign exchange reserves. Continuous intervention in the currency market by the Reserve Bank to avoid volatility in the rupee has also been a reason for the decline in foreign exchange reserves. The rupee has weakened against the dollar and has now reached near 86. At the same time, the number of gold reserves increased by $ 824 million to $ 67.09 billion. At the end of September last year, total foreign exchange reserves stood at an all-time high of $704.88 billion.

foreign exchange prices