For the first time last week, the rupee has seen a good rise in the dollar for the first time. In fact, the important reason for the rise in the rupee is the announcement of PM Narendra Modi on August 15. Economy is estimated to get a boost of about 2.5 lakh crore rupees from GST re -form. The effect of which has also been seen in the country’s stock market. This is the reason that the rupee has come. On the other hand, even though there may have been a slight rise in the dollar index, it has seen a decline in the last 5 business days. The dollar index is currently below the 98 level. Because of which the money was seen getting support. Let us also tell you how much the rupee has been seen in the match against the dollar.
Rupees rise after 4 days
On Monday, with the support of the strong stock market, the rupee rose 23 paise against the US dollar to close at 87.36 (provisional). Foreign currency traders said that the Indian rupee gained momentum due to the GST reform suggested by Prime Minister Narendra Modi in his address to the nation.
In the Inter Bank Foreign currency market, the rupee opened at 87.46 against the US dollar and closed at 87.36 (provisional), touching a low of 87.48 and high levels of 87.33 during trading, showing a growth of 23 paise in the previous closed price. On Thursday, the rupee closed at 87.59 with a fall of 12 paise against the US dollar. Foreign currency and stock market were on Friday to commemorate Independence Day. The special thing is that earlier last week, the rupee had seen a rise in the dollar on Wednesday.
Announcement of GST Reform
Prime Minister Modi said on Sunday that the Center has distributed the draft GST reforms of Next Generation among the states and sought their cooperation to implement the proposal before Diwali. He said that improvement in GST will benefit poor and middle class people as well as small and big businesses. Zero/zero on essential food items, 5 percent on daily use items, 12 percent on standard goods, 18 percent on electronics and services and 28 percent of the current GST tax rates of 28 percent on luxury and harm items will be replaced by two tax slabs of 5 percent and 18 percent, as well as a special slab of 40 percent for 5-7 products. If the two-slab system proposed by the GST Council is approved, the GST will replace the existing four slabs of the system and end 12 per cent and 28 per cent slabs.
Stock market, dollar and crude oil rise
Meanwhile, Brent crude prices rose 0.70 percent to $ 66.31 per barrel in futures trading. Traders said that investors would monitor the comments of Federal Reserve President Jerome Powell in Jackson Hole this week to detect the direction of cuts cuts in the next meeting to be held in September. Meanwhile, the dollar indicator of the dollar strengthening against six currencies rose 0.14 percent to 97.98. In the domestic stock market, the Sensex rose 676.09 points to close at 81,273.75, while the Nifty rose 245.65 points to 24,876.95. According to exchange data, foreign institutional investors sold shares worth Rs 1,926.76 crore on Thursday.