The way Trump announced the recipe yesterday. After that the way the dollar showed its strength in the currency market in the morning, it was evening by evening or say that the market was blown after the closure of the market. The power of the rupee showed his real status to Trump Tariff and defeated the dollar in such a way that the market could not handle it. The rupee which was trading with a fall of 27 paise in the morning session, that the rupee not only recovered 27 paise and closed with a gain of 22 paise.
This means that the rupee saw a rise of about 50 paise in the business session. According to experts, there has been a good rise in the rupee. The main reason for this is India’s ability to withstand tariffs and a major fall in crude oil prices. On the other hand, the impact of the fall in gold prices is also being seen. Let us also tell you what kind of data is being seen in the currency market.
Rupee defeated dollar strongly
On Thursday, the rupee closed at 85.30 (provisional) against the dollar with a gain of 22 paise. After President Donald Trump imposed mutual fees on about 60 countries, the dollar weakened against its major counterparts. The rupee fluctuates in early trade, but soon it returned its lost position and the day ended with a positive attitude. The US announced the imposition of 26 per cent recipes on India and said that New Delhi imposes high import duty on American goods.
However, experts said that India is in a better position than its rivals, which are also facing increased charges. The rupee opened at 85.77 in the Interbank Foreign Currency Exchange Market and then touched the high level of 85.30 and the lowest level of 85.78 during trading. The rupee closed at 85.30 (provisional) against the dollar, which shows a growth of 22 paise from the previous closed level. The rupee closed at 85.52 against the US dollar on Wednesday.
India in better position
Experts said that the US recipes are expected to affect India’s exports of certain areas with the US reciperochl tariff. He said that India is in better position than its competitors, including Bangladesh (37 percent), China (34 percent), Vietnam (46 percent) and Thailand (36 percent), which are incurred with increased fees.
Meanwhile, according to an official statement on Thursday, the Department of Commerce is carefully examining the impacts of the US reciperook tariff on India and is interacting with all stakeholders including domestic industry and exporters to take their feedback on the issue.
The Ministry of Commerce said that it is also studying the opportunities arising due to this new development in the US trade policy. It also states that there is a discussion between Indian and American trade teams for mutually beneficial, multi sectoral bilateral trade. The BTA will include many issues of mutual interest, including strengthening the supply chain integration.
Dollar index and crude oil prices decline
Meanwhile, the dollar index fell 1.65 per cent to 102.09. In the international market, crude oil of Gulf countries fell 4.10 per cent to $ 71.88 per barrel. In the domestic equity market, the 30 -share BSE Sensex fell 322.08 points or 0.42 per cent to close at 76,295.36, while the Nifty fell 82.25 points or 0.35 per cent to close at 23,250.10 points.
According to exchange data, foreign institutional investors (FIIs) on Wednesday sold equity worth Rs 1,538.88 crore on a pure basis.