The dollar has once again shown a strong trend on Monday. He has retaliated that the rupee has seen the biggest decline of a month. Due to this, the rupee is once again seen to be wired. Since Donald Trump became the President of America, there has been uncertainty in the international market, because the picture is not clear about what will be the effect of his policies on the global economy.
Donald Trump’s tariff war is likely to sprinkle trade war. Due to this, the continuing of uncertainty in the market and continuous withdrawal of foreign funds from Indian markets has affected the currency market. At the same time, due to unstable crude oil prices, the rupee fell by 38 paise to close at 87.33 per dollar (temporary) on Monday. This is the biggest drop of rupee in the last one month.
Forex Traders says that even today, the rupee has shown a weak trend against the dollar. Nevertheless, there is a weak trend inside the dollar in the international market. Due to this, the rupee did not get the support of the dollar and it closed down. At the same time, business notion in the market has been affected by selling in the local stock market.
What was the rupee of rupee earlier?
In Forex Market, the rupee opened at 87.24 per dollar and went to a low of 87.36 per dollar between the unstable market. During the trading, the rupee went to a high level of 87.16 per dollar. Then in the end it closed at 87.33 (temporary) per dollar, which is a decline of 38 paise in the previous closed price.
Earlier, the Indian currency had recorded a big fall against the dollar on February 5. Then the rupee fell 39 paise against the dollar. On Friday, the last trading day of last week, the rupee rose 17 paise to close at 86.95 per dollar.
Meanwhile, according to six main currency of the world, the dollar value of the dollar declined by 0.15 percent to 103.65 on the calculative dollar index. At the same time, the price of Brent crude oil in the future market increased by 0.28 percent to $ 70.56 per barrel.
The BSE Sensex slipped 217.41 points to close at 74,115.17 points in India’s stock markets. At the same time, the Nifty has come down 92.20 points to close at 22,460.30 points. Foreign portfolio investors in the country also sold shares worth Rs 2,035.10 crore on Friday.