The currency dollar called the world’s most powerful currency is currently looking very helpless in front of the rupee. It is the third consecutive trading day when the rupee is seen to be strong in front of the dollar. In three business days, more than one rupee has been seen in the rupee. The special thing is that due to the return of foreign investors to the stock market, the rupee has increased.
On the other hand, India’s stock market has become the only big market, which has recovered the loss of Trump Tariff. The effect of which is also being seen in the currency market. On the other hand, crude oil prices have come to 4 years lower level. Due to which the rupee is seen getting a lot of support against the dollar.
Talking about Wednesday, the rupee was strong in early trade on Wednesday due to FII investment, weak American currency and low prices of crude oil and increased by 26 paise to 85.54 per dollar. Forex traders said that positive broader economic data, after 90 days relief from mutual charges in the US, promoted purchases in domestic equity by foreign investors, which strengthened the local currency. Let us also tell you how the rupee is seen rocking in the dollar match worldwide.
Rupee at an atmosphere of boom for the third consecutive day
In the Interbank Foreign Currency Exchange Market, the rupee was firmly opened at 85.66 and in the initial deals, trading at 85.54 against the dollar, moving ahead, which is 26 paise higher than the previous closed level. In Tuesday’s session, the rupee gained 30 paise to close at 85.80 against the dollar. In the last session on Friday, it increased by 58 paise. On Monday, foreign exchange markets were closed on the occasion of Dr. Baba Saheb Ambedkar Jayanti. Also, on the occasion of Good Friday on Friday, the currency market can remain closed. By the third business day, there has been a strength of more than one rupee in the rupee against the rupee. Experts say that the rupee can be seen further.
From dollar index to stock market
- Meanwhile, the dollar index measuring the dollar strength against six currencies was trading at 99.49 with a decline of 0.47 per cent, which is seen on 1 March 2022.
- On the other hand, in the international market, Brent crude oil fell 0.36 per cent to its four -year low to US $ 64.44 per barrel. Earlier, crude reached this level in April 2021.
- In the domestic equity market, the 30 -share BSE Sensex fell 118.02 points or 0.15 percent to 76,616.87;
- While the main index of National Stock Exchange, Nifty fell 41.10 points or 0.18 percent to 23,287.45.
- Both indices closed with an increase of more than 2 percent in the Tuesday session. The stock market has gained 4 percent on Friday and Tuesday.
- According to exchange data, foreign institutional investors (FIIs) on Tuesday bought equity worth Rs 6,065.78 crore on a pure basis.
Inflation reduced
According to the latest government data released on Tuesday, the wholesale inflation in the country has come down to 2.05 percent in the march, which is a six -month low. This happened due to a decrease in prices of vegetables, potatoes and other foods. Retail inflation decreased to 3.34 percent in March due to a decrease in prices of vegetables and protein -rich items, which is a low of about six years. Other data shows that India’s exports were seen positive after four months. In March, exports recorded a marginal 0.7 per cent increase and increased to US $ 41.97 billion. Despite the global economic uncertainties, the total export of goods and services has crossed an all -time high level of US $ 820 billion in the last financial year.