Dollar vs Rupee: The Indian rupee started with strength on the fourth trading day of the week. On Thursday, the rupee rose by 8 paise to reach Rs 88.62 against the US dollar. The weakness of the dollar and softening of crude oil prices in the international market are being considered as the main reasons behind this rise of the rupee.
According to Forex Traders, positive trends in domestic stock markets also supported the rupee. However, the ongoing selling pressure from foreign investors (FIIs) limited its rise to some extent.
Interbank market fluctuations
In the Interbank Foreign Exchange market, the rupee opened at Rs 88.51 per dollar and after some time strengthened to Rs 88.49 per dollar. After early trade, the rupee remained stable at Rs 88.62 per dollar, showing an increase of 8 paise from the previous closing price of Rs 88.70. The foreign exchange market was closed on Wednesday due to the Prakash Parv holiday, hence the rupee closed at ₹ 88.70 per dollar on Tuesday. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, fell 0.16% to 99.90.
stock market boom
A bullish trend was also seen in the domestic stock markets. BSE Sensex rose 321.81 points or 0.39% to 83,780.96. Nifty 50 was trading at 25,654.70, up 57.05 points or 0.22%. At the same time, the price of Brent crude oil in the international market increased by 0.17% to $ 63.63 per barrel.
According to stock market data, foreign institutional investors (FIIs) were net sellers on Tuesday. He withdrew shares worth Rs 1,067.01 crore from the market. Overall, a weak dollar, soft crude prices and positive sentiment in the domestic market supported the rupee, although its gains were limited due to selling by foreign investors.
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