Dollar vs Rupee
Dollar Vs Rupee: The rupee is continuously strengthening against the dollar. After the reduction in tariff war, the rupee has returned to strength. The rupee broke down to 87 in February against the dollar. However, now there is a rapid improvement. The rupee closed at 84.30 per dollar on Monday, between a sharp fall in crude oil prices and a boom in the domestic stock market. Forex traders stated that strong investment flows in the stock market showed the continuous interest of foreign investors in Indian assets.
Had reached the highest level of seven months
The rupee opened at 84.45 in the Interbank Forex Exchange Market and went up to the upper of 84.10 against the dollar and the low of 84.47. At the end of the trading, the rupee closed at 84.30 per dollar, showing a rise of 27 paise from its previous closed level. The rupee reached a seven-month high on Friday amid fluctuations. But in the end it closed at $ 84.57 per dollar with a decline of three paise. Meanwhile, the dollar index measuring the dollar strengthening against the world’s six major currencies fell 0.38 percent to 99.64.
Due to this, the speed returned in the rupee
Jatin Trivedi, vice -president and research analyst (commodity and currency) of LKP Securities, said the continuous investment of foreign institutional investors (FIIs) has given the rupee support. He said that in addition, the rapid decline of crude oil prices so far this year has also supported it, which has reduced India’s oil import expenses. Dilip Parmar, a research analyst at HDFC Securities, said that the rupee strengthened due to constant foreign investment and new demand for risk-operated assets in domestic stocks.
Crude oil broke to $ 60 per barrel
Global oil standard Brent crude futures fell 1.26 percent to $ 60.52 per barrel. Forex traders said that the possibility of more supply and weak demand put heavy pressure on crude oil prices. The BSE Sensex in the domestic stock market rose 294.85 points to close at 80,796.84, while the Nifty rose 114.45 points to close at 24,461.15. According to the stock market data, foreign institutional investors (MIIs) remained pure buying in the capital market. He bought shares worth Rs 2,769.81 crore on a pure basis on Friday. Meanwhile, the Reserve Bank of India said on Friday that India’s foreign exchange reserves rose $ 1.98 billion to $ 688.13 billion during the week ended April 25.
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