On Wednesday, the Indian market seems to be getting good news on many fronts. First, a rise in the prices of gold and silver was seen in the futures market of the country. After that an increase of more than 700 points was seen in the stock market. Now the rupee is seeing a rise against the dollar. In fact, the rupee is getting support due to the weak dollar and continuous fall in crude oil prices. If experts are to be believed, the rupee may become even better in the coming days. However, a day earlier the rupee had closed with a decline after initial rise. Let us also tell you what kind of figures are being seen in the currency market.
rise in rupee
The rupee recovered by two paise and reached Rs 89.20 per dollar in early trade on Wednesday amid weak US currency and positive trend in the domestic stock market. According to foreign exchange traders, the rupee received support due to inflow of foreign capital into the domestic stock market. However, rising crude oil prices are keeping pressure on the rupee. In the interbank foreign exchange market, the rupee opened at 89.24 per dollar and later weakened to 89.26. But it recovered to 89.20 per dollar in early deals. A day before this, on Tuesday, the rupee had weakened by six paise and closed at 89.22 per dollar.
How is the market looking?
Meanwhile, the dollar index, which measures the strength of the dollar against six major currencies of the world, fell by 0.02 percent to 99.56. In the international market, Brent crude was trading at $ 62.70 per barrel, up 0.40 percent. Strength is being seen in the domestic stock market. Sensex rose 171.19 points to 84,758.20 in early trade and Nifty rose 73.20 points to 25,958.00. According to stock market data, foreign institutional investors (FIIs) bought shares worth a net Rs 785.32 crore on Tuesday.