Market participants are waiting for further signs
The rupee rose 35 paise to close at 85.10 (temporary) on Monday in the interbank foreign currency exchange market due to the increase in the stock market and the dollar weakened abroad for the second consecutive day. According to Forex traders, the announcement of increasing the flow of foreign funds and giving a record dividend of Rs 2.69 lakh crore to the government for FY 2024-25 was strengthened by the Reserve Bank of India. However, a slight improvement in crude oil prices limited its lead.
Rupee had reached high level of 84.78
The rupee opened at 85.02 in the Interbank Foreign Currency Exchange Market and wandered between 84.78 of the day’s business and 85.18 against the US dollar. At the end of the trading, the rupee closed at 85.10 per dollar, which is a gain of 35 paise against the previous closed price. On Friday, the rupee rose 50 paise to close at 85.45 per dollar.
Market participants are waiting for further signs
The industrial and manufacturing production figures for April and the first quarter GDP growth figures are going to be released this week, so market participants are waiting for further signals. Research analyst Anuj Chaudhary of Mirae Asset Sharekhan said that the positive stock market and the weak US dollar index rose. Chaudhary said, “Better global risk feeling and positive global markets can also support the rupee.”
Dollar index declines
Meanwhile, the dollar index measuring the dollar’s strength against 6 currency was trading at 98.94, declining 0.07 percent. Global oil standard brent crude futures rose 0.17 percent to $ 64.89 per barrel. Let us tell you that foreign investors bought shares worth Rs 1794.59 crore on Friday last week.
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