Rupee roar
The rupee continues to strengthen against the US dollar. Today once again the rupee made a long jump. Let us tell you that the rupee rose by 33 paise to 85.05 per dollar on Monday due to Trump’s import duty on various countries to reach a three -year low after the dollar index reached a three -year low. Forex traders said that positive stance in domestic stock markets and foreign capital flows strengthened the notion of investors. Traders said that there has been a significant increase in the Indian rupee in the last few trading sessions due to encouraging improvement in domestic indicators and changes in global conditions, which has strengthened the rupee, while there is an atmosphere of uncertainty in major global economies.
It was strengthened on Thursday too
The rupee opened at 85.15 per dollar in the Interbank Foreign Exchange Market and reached 85.05 against the dollar in early trade, showing a gain of 33 paise in the previous closed price. The rupee strengthened 26 paise against the US dollar on Thursday at 85.38. The foreign exchange market was closed due to ‘Good Friday’ on Friday. Meanwhile, the dollar index, depicting the US dollar position against six major currencies, fell 0.92 percent to 98.31. International standard Brent crude fell 1.47 percent to $ 66.96 per barrel. In the domestic stock market, the 30 -share BSE Sensex rose 482.87 points to 79,036.07, while NSE Nifty rose 146.85 points to 23,998.50. According to the stock market data, foreign institutional investors (FIIs) on Thursday bought shares worth Rs 4,667.94 crore on a pure basis.
What will be the benefit of India by strengthening the rupee?
The import bill to India will be reduced by firmly in the rupee. Fuels like petrol, diesel, gas can become cheap due to strengthening of the rupee. The price of mobile, laptops, vehicles and other foreign things will be low. Overall inflation will decrease. If the government and companies want to take or repay loans in foreign currency, then a strong rupee lightens this burden. Tourism and students studying abroad will be less expenses. The trust of investors will increase on Indian economy.
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