Rupee against dollar
Dollar Vs Rupee: Indian rupee continues to strengthen against US dollar. At one time the price of $ 1 had reached around 87 rupees. However, the rupee has been constantly improving with firmly. The rupee has come into the range of 85 against the $ 1. Let us tell you that the rupee closed at 85.32 against the dollar on Wednesday at 85.32 against the dollar with the rise in domestic stock markets and the support of positive major economic data. Forex traders said that the increasing interest in risky assets between dollar weakness in the foreign market and reduced trade fee stress promoted investors’ perception.
Had reached the highest level of 85.05
The rupee opened with a positive trend in the interbank foreign exchange market on Wednesday and continued to fluctuate between 85.05 and 85.52 against the dollar during trading. At the end of the session it closed at 85.32 per dollar, which is four paise stronger than the previous closed level. The rupee was stable at 85.36 on Tuesday. Dilip Parmar, senior analyst at HDFC Securities, said the weak dollar index, cheap imported goods and risky global environment supported the rupee.
Mirae Asset Sharekhan analyst Anuj Chaudhary said the rupee remained in a limited range throughout the day and finally closed almost unchanged. He said that the rupee opened strong due to better CPI inflation data than expected. India’s CPI was 3.16% in April, which is 3.34% of March and the estimated 3.27%.
Due to this, the rupee is getting stronger
According to experts, the weakened US dollar and the positive perception of domestic stock markets supported the rupee. However, the rising crude oil prices and the withdrawal of foreign institutional investment (FII) limited its rapid lead. The dollar index, depicting a US dollar, fell 0.64% to 100.35 against the six major currencies.
The BSE Sensex gained 182.34 points in the domestic stock market to close at 81,330.56, while the Nifty climbed 88.55 points to close at 24,666.90. The international price of Brent crude fell by 1.10% to $ 65.90 per barrel.
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