The rupee has also made a tremendous jump against the dollar, with a brilliant rally in the dollar stock market. On Tuesday, the rupee rose by 39 paise to 85.71 per dollar in early trade on Tuesday due to strength in the stock market and reaching a record low of crude oil prices. The rupee opened at 85.85 per dollar in the Interbank Forex Exchange Market and reached Rs 85.71 per dollar in early trade, showing a gain of 39 paise in the previous closed price. The rupee closed at 86.10 per dollar on Friday with a strong lead of 58 paise.
Dollar index is constantly getting weak
The dollar index has seen a steady decline since US President Donald Trump started the trade war. The dollar index, which showed the US dollar position against six major currencies, remained below 100 at 99.46. The dollar index was at 108 in February. At the same time, the dollar index reached a record high 110 in January.
Why did the rupee strengthen
According to the Forex Expert, the weak American currency has worked to strengthen the rupee despite withdrawing money from the Indian stock market. The strength of the rupee has also been credited to postpon the additional 26 percent fee on India by July 9. International standard Brent crude fell by 0.06 percent to $ 64.92 per barrel. According to the stock market data, foreign institutional investors (FIIs) were selling on Friday and purely sold shares worth Rs 2,519.03 crore.
What will be the benefit of the rupee strongly?
It will be cheaper to import India firmly in the rupee. This will help in reducing inflation. The cost of going abroad and studying will be less. The trust of investors will increase on Indian economy.
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