Rupee vs Dollar: The rupee continues to fall amid continuous withdrawal of foreign capital from the Indian market and the strengthening of the US dollar. On Monday, the first trading day of the week, the Indian currency weakened by 6 paise to 88.71 per dollar in early trade.
Why is the rupee falling?
Forex traders say that positive trends in the domestic stock market and softening of crude oil prices in the international market have reduced the pressure on the rupee to some extent, but the strength of the US dollar and continuous selling by FIIs remains the main reason for the weakness of the rupee.
In the interbank foreign exchange market, the rupee opened at 88.70 against the dollar and slipped to 88.72 in early trade. This shows a decline of 6 paise compared to the previous closing price of 88.66. A day before this, on Friday, the rupee had closed at 88.66.
stock market boom
During this period, the dollar index, which shows the strength of the dollar against six major global currencies, rose by 0.15 percent to reach 99.35. There was a rise in domestic stock markets also. BSE Sensex rose 212.98 points or 0.25 percent to 84,775.76 in early trade. At the same time, NSE Nifty-50 was also seen trading at 25,960.95 with a gain of 50.90 points or 0.20 percent.
According to analysts, the business activities of foreign investors will also affect the trends of the stock market. He says that the direction of the market in the coming days will depend on some key economic indicators. These include factors like India’s PMI data, US unemployment claims data, details of the Federal Open Market Committee (FOMC) meeting and progress in India-US trade talks.
In the international market, Brent crude fell by 0.85 percent to $ 63.84 per barrel. Meanwhile, according to stock market data, foreign institutional investors (FIIs) sold a net amount of Rs 4,968.22 crore on Friday, which put additional pressure on the rupee.
Also read: Gold Price Today: The shine of gold has faded, the rate reduced so much on November 17, know the latest price of your city.
