India, America are fighting different types of war on different fronts. But there is a war in which America and India are face to face. In which India has won on Tuesday. According to the report, India won the war between the currency of the two countries and closed down by 26 paise. Whereas a day before, India’s rupee faced a big decline. But the US President has made the tariff relief deadline of July 9 on 1 August. On the other hand, due to the rise in the stock market, the fall in crude oil prices and the investment of foreign investors has seen a boom. Let us also tell you what kind of figures are being seen in the currency market.
Rupee gained good boom
The rupee rose by 26 paise to 85.68 (provisional) against the US dollar on Tuesday due to fall in crude oil prices at global level and weakening of the dollar. According to foreign currency traders, the flow of foreign funds and strong domestic equity markets strengthened the rupee. The rupee opened at 85.75 against the US dollar in the Interbank Foreign Currency Exchange Market and closed at 85.68 (provisional) after trading within a limited range of 85.64–85.80, which is 26 paise more than the previous bandh. On Monday, the locker currency recorded a steep decline of 54 paise and it closed at 85.94 against the US dollar.
And the rupee may rise
Anil Kumar Bhansali, Treasury Head and Executive Director of Finrex Treasury Advisors LLP, said that on Tuesday, the rupee remained in a limited scope with the possibility of completing the US-India (agreement), which led to a boom in the rupee. The closing was slightly higher, but the rupee can once again reach the level of 85.30/40 from a decisive mini-trade deal. He said that the local currency is expected to be within 85.30-86.00 on Wednesday and some positive developments are expected tonight.
Crude oil and dollar fall declined
In the international market, Brent crude oil fell 0.55 per cent to $ 69.20 per barrel. The dollar index measuring the dollar’s strength against six currencies fell 0.18 percent to 97.30. Meanwhile, the Sensex in the domestic stock market rose 270.01 points to close at 83,712.51, while the Nifty rose 61.20 points to close at 25,522.50. According to exchange data, foreign institutional investors (FIIs) on Monday bought shares worth Rs 321.16 crore on a pure basis.