‘Black Gold’ brought rise in rupees, what was not expected happened

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There was a rise in the rupee on Tuesday.

Amidst the rise in the dollar and selling by foreign investors, who would have thought that the rupee would rise on Tuesday. But when India’s currency market surprises, the world is seen losing its senses. In fact, due to the fall in the prices of crude oil, known as ‘Black Gold’ in the world, there was a rise in the rupee. Even if this increase is minor, it is very important for the rupee which is heading towards a record decline. Due to this rise, the gap between the rupee’s life time low has increased slightly. Which is a news of relief. Let us also tell you what kind of figures are being seen regarding the rupee…

Rupee rose

Due to fall in crude oil prices abroad, the rupee recovered from its record low on Tuesday and closed at 88.66 (provisional) per dollar with a rise of 11 paise. Foreign currency traders said that a strong dollar, withdrawal of foreign capital and sluggish domestic stock markets stopped the sharp rise in the Indian currency. At the Interbank Foreign Currency Exchange market, the rupee opened at 88.55 and touched a high of 88.28 against the dollar.

It also touched a low of 88.67 and finally closed at 88.66 (provisional) per dollar, which is an increase of 11 paise from its previous close. On Monday, the domestic currency declined for the third consecutive session, closing 7 paise lower at 88.77 against the US dollar, close to its all-time close. On October 14, the rupee had closed at its lowest level of 88.81 against the dollar. Foreign exchange markets will remain closed on Wednesday due to the holiday of Prakash Parv.

market decline in dollar

  1. Meanwhile, the dollar index, indicating the dollar’s strength against six currencies, rose 0.09 percent to 99.80.
  2. In the international market, Brent crude oil of Gulf countries fell by 1.37 percent to $ 64 per barrel.
  3. In the domestic stock markets, Bombay Stock Exchange’s key index Sensex closed at 83,459.15, down 519.34 points or 0.62 per cent.
  4. On the other hand, the main index of National Stock Exchange Nifty closed at 25,597.65 with a decline of 165.70 points or 0.64 percent.
  5. According to exchange data, foreign institutional investors sold shares worth Rs 1,883.78 crore on Monday.

Boom in manufacturing sector

India’s manufacturing sector expanded in October, driven by goods and services tax relief, increased productivity and technology investment, while international sales grew at a slower pace, a monthly survey released on Monday showed. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 59.2 in October from 57.7 in September, indicating a sharp improvement in the situation in the sector.

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