Interbank The rupee closed at 86.64 per dollar against the US dollar at 86.64 per dollar against the US dollar on Thursday. This strength in the rupee was due to weakness in American currency in the international market. Forex traders said that there is a negative trend in the exchange rate of dollar/rupee amidst soft trends in domestic stock markets and the continuous outflow of foreign capital is affecting the notion of investors. The rupee opened at 86.88 per dollar in the Interbank Forex Exchange Market. During the trading, it touched a high level of 86.58 against the dollar and a low of 86.88. In the end, the rupee closed at 86.64 per dollar, leading to 34 paise in the previous closed price.
Rupee raises due to selling in dollar
On Tuesday, the rupee weakened by 10 paise to close at 86.98 against the US dollar. The foreign exchange market was closed on the occasion of ‘Chhatrapati Shivaji Maharaj Jayanti’ on Wednesday. Dilip Parmar, a research analyst at HDFC Securities, said, “The Indian rupee has gained strength after being in a limited range for the last five days. This has increased the rupee due to the selling of dollars of foreign banks. ” The market dynamics for the rupee are increasing progressively, as the US dollar is weakening against both major and regional currencies.
Rate cut bicycle can stop US Fed
Research analyst Anuj Chaudhary of Mirae Asset Sharekhan said that the rupee rose due to the overnight decline in weak US dollar and crude oil prices. The details of the FOMC (Federal Open Market Committee) meeting suggests that the US central bank can prevent interest rate cuts citing inflation. He said, “We think the Indian rupee will trade with a slight negative attitude due to the weak domestic stock market and new FII outflow. However, overall weakness in crude oil prices can reduce a sharp decline.
Dollar index fall
Meanwhile, the dollar index measured by 0.21 per cent declined to 106.95 as compared to six other currencies. Global oil standard Brent crude gained 0.04 percent to $ 76.07 per barrel in futures trading. The 30 -share BSE Sensex fell 203.22 points to close at 75,735.96 points in the local stock market. At the same time, the Nifty fell 26.15 points to 22,906.75 points. According to the stock market data, foreign institutional investors (FIIs) on Thursday sold shares worth Rs 3,311.55 crore.
(PTI/Language)
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