The Indian rupee has opened a strong open on February 4 due to the softening of the dollar index following the decision of Donald Trump to stop tariffs on Canada and Mexico and open a conversation with China. The Indian rupee opened at 87.0300 against the US dollar today. While the previous closing took place at the level of 87.1950.
The dollar measuring the value of American currency compared to the world’s 6 big currency reached 108.750 in early trade as compared to 108.990 in the previous trading session. Anil Kumar Bhansali, Treasury Head and Executive Director of Finarex Treasury Advisors LLP, said, “Indian rupee which reached its lowest level yesterday, this morning after getting relief from Trump’s tariff and compromised with Canada and Mexico Open with. “
Late Monday night, US President Donald Trump announced a 30-day delay in the proposed tariff on imported goods from Canada and Mexico after consultation with leaders of the two countries. The adjournment is after Canadian Prime Minister Justin Trudeau and Mexican President Claudia Shinbam commitment to strengthen border security with the US.
DIIS ready to overtake FIIS in the race for market share, the difference between the two reached the record low
In the weekend, the Trump administration imposed 25 per cent import duty on all Mexican imports and most Canadian goods. While 10 percent discount was given for energy products. Meanwhile, 10 percent of tariffs on Chinese items are being reviewed. After the tariffs were imposed on Mexico and Canada, the Indian rupee reached the lowest level ever and crossed the 87 level for the first time.
Talking about the stock market, Mars is Mars in the market on Tuesday. The market is shown recovering from tomorrow’s selling. The Nifty has climbed more than 150 points to cross 23500. Bank Nifty shows a jump of more than 600 points. Midcap and smallcap shares are performing better than benchmark index today.
Today, government banks, capital goods and metal stocks are the biggest boom today. All three sectoral index are trading above 2 percent. Also, auto, NBFCs and pharma are also good. In the auto, the mother’s and gold comstar have become the top gainer of futures with a rise of more than 6 per cent. On the other hand, there is pressure in Powergrid after the weak Q3 results. This stock is trading below about one percent. At the same time, after the poor result, Tata chemical is included in the top losis of futures by slipping more than 4 percent.