In the currency market, the dollar appeared in front of the rupee’s hunk on the second consecutive business day. The rupee has witnessed a boom for the second consecutive day in comparison to the rest of the world’s currency. It has become clear that the roar of the rupee is not going to decrease in any case in the coming days. On the other hand, the dollar index is also seen falling continuously and is not ready to come to the 100 level. According to experts, the way Donald Trump makes a concession on the reciperoch tariff front, now the rest of the tariff is also being prepared to make a concession. By the way, the base rate of 10 percent remains still.
Talking about the figures, the rupee closed at $ 85.77 with a rapid rise in stock markets and the ongoing weakness in American currency amidst the ongoing weakness in American currency. Apart from this, the latest step of the latest step of suspending the additional 26 percent tariffs on India by the US administration by 9 July on global level, the decline in crude oil prices at the global level, and the US administration is also getting support. Let us also tell you what kind of figures are being seen in the currency market.
Rupee increases for the second consecutive day
In the Interbank Foreign Currency Exchange Market, the rupee opened at the lowest level of the day at 85.85 and touched the intra-day peak of 85.59 against the dollar. At the end of the session, the rupee closed at 85.77 (provisional against $ 85.77), which shows a gain of 33 paise from the previous closed level. In Friday session, the rupee closed with a sharp gain of 58 paise against $ 86.10. This means that the rupee has seen a rise of 91 paise against the dollar. Foreign exchange markets were closed on Monday on the occasion of Dr. Baba Saheb Ambedkar Jayanti.
Due to these, the increase in the rupee also increased
- The latest government data released on Tuesday suggests that the wholesale price inflation in the country came to a 6 -month low of 2.05 percent in March, as the prices of vegetables, potatoes and other foods decreased.
- At the same time, the other retail inflation figures have come below the problem for more than 5 years. Meanwhile, the dollar index was trading at 99.38, declining 0.02 percent, which is seen on 1 March 2022.
- In the international market, Brent crude oil fell 0.11 percent to its four -year low of $ 64.81 per barrel. Earlier in April 2021, crude reached this level.
- In the domestic equity market, the 30 -share BSE Sensex jumped 1,577.63 points or 2.10 percent to close at 76,734.89, while the Nifty rose 500.00 points or 2.19 percent to 23,328.55.
- According to exchange data, foreign institutional investors (FIIs) sold equity worth Rs 2,519.03 crore on a pure basis on Friday.
What do you say?
Research analyst of Mirae Asset Sharekhan Anuj Chaudhary said that the rupee rose due to the bounce in the weak US dollar index and domestic markets. Chaudhary further said that the price of crude oil declined overnight and positive macroeconomic data supported the rupee. However, FII outflow stopped the fast lead. He said that overall weakness in crude oil prices can also support the rupee at lower levels. However, importers can prevent dollars procurement and FII outflows fast. Traders can take signal from the US from Empire State Manufacturing Index data. It is estimated that the USD-INR spot price will be between Rs 85.40 to Rs 86.