On the first trading day of July, the rupee’s sting was seen playing all over Asia. The rupee made a tremendous jump against the dollar. On the other hand, the dollar appeared at 3 -year -old lower level. The special thing is that no one had expected such a decline in the dollar. According to experts, due to the ongoing tension and crude oil prices between Fed and American President Trump, there has been a decline in the dollar and the rupee has seen a rise. In the coming days, there may be further boom in the dollar against the dollar. Let us also tell you what kind of figures are being seen in the currency market.
Tremendous increase in rupee
The rupee opened at 85.66 against the dollar in the Interbank Foreign Currency Exchange Market. During the business session, the rupee also reached Intrade High of 85.34. After the closure of the market, the rupee was seen at the level of 85.51, which was 25 paise faster than its previous bandh. On Monday, the rupee closed down 26 paise to close at 85.76 against the dollar. Forex traders said that the US dollar has been trading at the lowest level since February 2022 as President Donald Trump’s growing influence on the Federal Reserve Policy has raised the apprehensions on the freedom of the central bank. Apart from this, Brent crude prices remained soft, which gave India’s import bill buffer and helped reduce inflation.
Rupee can come and boom
Anuj Chaudhary, a research analyst from Mirae Asset Sharekhan, said that we hope that the rupee will rise in the rupee due to decline in US dollars and increased risk in global markets. Gold is trading at the lowest level since February 2022 and the yield on a 10 -year American bond has gone below 4.2 percent for some time. Chaudhary said that however, improvement in crude oil prices can curb a sharp increase. Traders can take indications from ISM manufacturing PMI and Jolts from the US from Job data and Fed Chair Jerome Powell. He said that USD-INR spot price is expected to be between 85.20 to 85.85.
Stock market closed with a slight rise
Meanwhile, the dollar index measuring the dollar strengthening against six currencies fell 0.46 percent to 96.43. On the other hand, in the international market, Brent crude oil fell 0.24 percent to $ 66.58 per barrel. In the domestic stock market, the Sensex rose 90.83 points or 0.11 percent to 83,697.29, while the Nifty rose 24.75 points or 0.10 percent to 25,541.80. According to experts, the stock market can see a boom due to the arrival of foreign investors in the coming days.