Even though the Indian stock market was strengthened in early trade on Thursday amidst a global increase after trade between the US and Vietnam, the Sensex rose by about 400 points, but the Indian rupee has not been taking the name of the ongoing decline for the last two days. The rupee weakened further against the already weak US dollar and fell by eight paise to 85.70 per dollar today. Different currency traders say the rupee is trading within a limited scope due to the Vigilance of the Reserve Bank of India (RBI). He believes that the rupee is gaining a limited increase due to the continuous demand from the central bank.
Rupee weakened
The inter -banking foreign exchange market opened at 85.69 against the rupee. The rupee reached a low of 85.70 against the dollar during early trade. This decline shows a decline of 8 paise against the previous bandh. A day earlier, the rupee fell 3 paise to close at 85.62 against the US dollar.
Anil Kumar Bhasali, Treasury Head and Executive Director of Finrex Treasury Advisors LLP, says that businessmen are waiting for the American trade deal and NFPR figures to know the market attitude. Meanwhile, the dollar index showing the US dollar position rose 0.07 percent to 96.84 against six major currencies. International standard Brent crude fell 0.72 percent to $ 68.61 per barrel. Whereas according to the stock market data, foreign institutional investors (FIIs) on Wednesday sold shares worth Rs 1,561.62 crore on a pure basis.