Rupee continues to fall But today there was a break. On Wednesday, the rupee rose 25 paise to close at 86.33 (provisional) against the US dollar. After all, why was there a break in the fall of rupee? According to currency experts, there was a big recovery in the rupee today due to positive trend in the stock markets and weakness in the US dollar index. Let us tell you that in the interbank foreign exchange market, the rupee opened at 86.56 against the dollar. It hit a high of 86.30 and a low of 86.71 against the dollar during the session. It finally closed at 86.33 per dollar, a gain of 25 paise against the US dollar. On Tuesday, the rupee had fallen 13 paise to 86.58 against the US dollar.
There is a possibility of weakness in the rupee
Anuj Chaudhary, research analyst at Mirae Asset Sharekhan, said the rupee is expected to remain largely weak due to underlying strength in the US dollar and overall weakness in domestic markets. Importer demand for the dollar may also put pressure on the rupee. However, any prolonged selling in crude oil may support the rupee at lower levels. Chaudhary said that due to the statements and announcements coming from the Trump administration, there may be some fluctuations in the market. He said that the dollar-rupee spot price is expected to be between 86.20 to 86.65.
Rupee strengthened due to weakening of dollar index
Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, was down 0.15 per cent at 107.89. International standard Brent crude rose 0.48 percent to $ 79.67 per barrel. Crude oil prices fell and reached $78 per barrel due to fears of tighter US policies. This is a decline of four percent from the recent high after President Trump mentioned increasing US oil production. In the domestic stock market, the 30-share BSE Sensex rose 566.63 points to close at 76,404.99, while the NSE Nifty rose 130.70 points to 23,155.35. According to stock market data, foreign institutional investors (FIIs) were net sellers in the capital market. He sold shares worth Rs 5,920.28 crore on Tuesday.
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