Dollar vs rupee: The process of strength in the Indian rupee continues. Today again the rupee made a big jump of 40 paise. Let us tell you that due to the US dollar weakness and the strength of domestic stock markets, the rupee strengthened 40 paise to 85.05 per dollar on Monday. According to foreign currency traders, the announcement of increasing foreign investment and the announcement of the Reserve Bank of India (RBI) to give a record dividend to the government for the financial year 2024-25 was also supported.
The rupee opened at 85.02 per dollar in the interbank foreign exchange market and reached the level of 84.98. It later stabilized at 85.05 per dollar, showing a strength of 40 paise as compared to the previous season. The rupee closed at 85.45 per dollar on Friday.
Dollar index declines
Meanwhile, the dollar index, depicting the US dollar position compared to six major global currencies, fell 0.34% to 98.67. The domestic stock markets also witnessed a rise, where the BSE Sensex rose by 630.68 points to 82,351.76 and the Nifty gained 187 points to 25,040.15. The price of crude oil in the international market also increased slightly. Brent crude was trading at $ 64.99 per barrel with a gain of 0.32%. Foreign institutional investors (FIIs) were also active in the market. On Friday, FII purely sold shares worth Rs 1,794.59 crore, causing a stir in the market.
RBI gives record dividend to government
Significantly, RBI has announced a record of Rs 2.69 lakh crore to the Government of India for FY 2024-25. According to the latest weekly data released by the Reserve Bank of India on Friday, India’s foreign exchange reserves declined by $ 4.888 billion to $ 685.729 billion in the week ended May 16.
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