After the decline of three days, the rupee has seen a boom on Thursday.
On Thursday, India’s currency market got excited again. The rupee saw a rise after three consecutive days of decline. The rupee appeared to be recovering from his life time lower level. There is also a reason for that. Where there is a decline in the dollar index. On the other hand, there has been a decline in crude oil prices. Because of which the rupee has appeared to be overcome in the dollar. According to experts, the danger is still not postponed. You can see ups and downs in the coming days. Right now the factors who damage the rupee are alive. Where H1B visa fees can cause more damage to hike rupees. At the same time, Trump’s tariff and foreign investors migration from the stock market can also deliver the dent to the rupee. Let us also tell you what kind of figures are being seen about the rupee.
Rupee rises
The rupee rose 15 paise to 88.60 per dollar from its life time lower level in early trade on Thursday due to US dollar weakness in the foreign market. Foreign currency traders said that this week the rupee is facing new pressure, because many factors together have put pressure on the rupee. Factors such as H-1B visa fee increase, trump tariffs and frequent foreign fund withdrawal affected the sentiments of investors.
In the Interbank Foreign currency market, the rupee opened at 88.65 against the US dollar and then reached 88.60, which is 15 paise more than the previous closed price. On Wednesday, the rupee fell 2 paise to close at the lowest level of 88.75 per dollar against the US dollar. Forex traders said that investors are concerned about global trade uncertainties and the impact of American visa fee on India’s IT service exports.
Decline in dollar to crude oil
- Meanwhile, the dollar indicator of the dollar strengthening against six currencies was trading at 97.75 with a decline of 0.13 per cent. In the current year, the dollar index has seen a decline of about 10 percent.
- On the other hand, in the international market, there is a decline of 0.36 percent in crude oil brant crude futures trading of Gulf countries in the international market. Due to which the price of crude oil has come to $ 69.06 per barrel.
- There is a decline in the stock market for the 5th consecutive day. In early trade, the Sensex fell 141.32 points to 81,574.31, while the Nifty fell 22.4 points to 25,034.50.
- According to exchange data, foreign institutional investors sold shares worth Rs 2,425.75 crore on Wednesday. The special thing is that in the current month, foreign investors have withdrawn more than Rs 11,500 crore from the stock market.
Talk on trade deal
Meanwhile, Commerce and Industry Minister Piyush Goyal is in the US for trade talks. He is accompanied by senior officials of the ministry, including Special Secretary and India’s Chief Conversant Rajesh Aggarwal. Goyal has discussed with his American counterpart. The yatra is recently taking place in the backdrop of a day -long discussion on the proposed bilateral trade agreement between American chief negotiator Brendon Lynch and Aggarwal in New Delhi.