The confidence of foreign investors in India is continuously decreasing. The evidence of which can be clearly seen from the selling by foreign investors from India. Also, there is a continuous decline in the stock market. The US Fed is once again indicating a cut in interest rates in the month of December. Despite all these pressures, the rupee is seeing a rise for the second consecutive day. However, the most important reason for the rise in rupee is the fall in crude oil prices and India’s positive trade with many countries of the world also seems to be supporting the rupee to a great extent. Apart from this, RBI intervention is also supporting the rupee. On Monday, a rise of 50 paise was seen in the rupee. Whereas on Friday, the biggest fall in rupee in three years was seen. Let us also tell you what kind of figures are being seen regarding the rupee.
Rupee rises for the second consecutive day
Supported by low prices of crude oil in the international market, the rupee rose by 11 paise to 89.05 per dollar in early trade on Tuesday. However, according to foreign exchange analysts, the Indian currency remained under pressure due to strengthening dollar, sluggish stock market sentiment and withdrawal of foreign capital. At the interbank foreign currency market, the rupee opened at 89.02 and was trading at 89.05 against the dollar in early trade, 11 paise higher than its previous close. The rupee closed at 89.16 per dollar with a rise of 50 paise against the dollar on Monday. A day before this, on Friday, it had fallen by 98 paise and reached its all-time low of 89.66 per dollar.
Big fall in crude oil prices
Meanwhile, the dollar index, which measures the dollar’s strength against six currencies, rose 0.06 percent to 100.13. On the other hand, in the international market, the price of Brent crude oil of Gulf countries fell by 0.33 percent to $ 63.16 per barrel. In the domestic stock market, Sensex fell 46.99 points to 84,853.72 in early trade, while Nifty fell 10.35 points to 25,949.15. According to exchange data, foreign institutional investors sold shares worth Rs 4,171.75 crore on a net basis on Monday.