Rupee vs Dollar: The Indian currency is strengthening amid expectations of a possible trade deal between America and India. Trading in a limited range on Tuesday morning, the rupee rose by six paise to reach 88.67 against the US dollar.
Forex traders say that the dollar has weakened due to concerns over the long-term condition of the US economy, which has supported the rupee at lower levels. However, slowdown in domestic stock markets and foreign capital withdrawal have had a negative impact on investor sentiment.
Rupee strengthened
In the interbank foreign exchange market, the rupee opened at 88.79 against the dollar and later rose to 88.67 per dollar, showing an increase of six paise over the previous closing price. Later it was trading at 88.71. On Monday, the rupee had closed at 88.73 against the dollar. Meanwhile, the dollar index, which shows the position of the US dollar against six major currencies, rose marginally by 0.06 percent to 99.65.
IFA has said in its research note that after the recent statement of US President Donald Trump, the hope that the ongoing shutdown in America will end soon has increased. Trump has indicated that America may reduce the tariff rates imposed on India, because India has reduced the purchase of crude oil from Russia.
He also said that America has come very close to an important trade deal with India. According to Trump, this deal will be much different and more comprehensive than the earlier trade agreements.
down market
There was a decline in domestic stock markets on Tuesday. BSE’s 30-share Sensex fell 175.32 points to 83,360.03 in early trade, while NSE’s Nifty-50 also slipped 51.60 points to 25,522.75.
In the international market, Brent crude was trading at $ 63.97 per barrel with a decline of 0.14 percent. At the same time, according to stock market data, foreign institutional investors (FIIs) were sellers on Monday and sold shares worth a net Rs 4,114.85 crore.
Also read: Gold Rate Today: Gold prices became rocket! Know what is the price of gold from Delhi to Patna on 11th November
