The price of crude oil and the boom in the stock market has so far finished the dollar game in India’s currency market. The special thing is that the rise of rupee has failed from Europe to China. The rupee is seeing a rise of 39 paise during the initial trading session in the second consecutive trading day. According to experts, the dollar index is still below the 100 level. Which is expected to go to the level of 95. In such a situation, in the coming days, the rupee can also become stronger against the dollar by coming to the level of 83 or 82. Even after that, both India’s export and currency in the global market will remain quite competition against China, America and Europe. Earlier, last week, the rupee had seen an increase of 60 paise against the dollar. Let us also tell you that at present, the rupee is trading in the currency market against the dollar in the currency market.
Rupees rise
The rupee rose 39 paise to $ 85.71 in early trade on Tuesday, due to strong rise in domestic stock markets and reaching a record low of crude oil prices. According to Forex traders, the weak American currency index also strengthened the local currency despite going out of foreign capital. He credited the rise in the rupee to the latest step of the US administration to suspend the additional 26 percent tariff on India by 9 July.
In the Interbank Foreign Currency Exchange Market, the rupee was firmly opened at 85.85 and in the initial deals, trading at 85.71 against the dollar, moving forward, which is 39 paise higher than the previous closed level. On Friday, the rupee closed at 86.10 against the dollar with a huge gain of 58 paise. Foreign exchange markets remained closed on Monday on the occasion of Ambedkar Jayanti.
Dollar index declines and stock market rose
Meanwhile, the dollar index measuring the dollar strength against six currencies was trading at 99.46 with a slight gain of 0.06 percent, but below 100 points. On the other hand, in the international market, Brent crude oil fell 0.06 percent to $ 64.92 per barrel. In the domestic equity market, the 30 -share BSE Sensex rose 1,516.53 points or 2.02 percent to 76,673.79, while the Nifty rose 454.60 points or 1.99 percent to 23,283.15. Both indices closed with a gain of about 2 percent in Friday session. According to the exchange data, foreign institutional investors (FIIs) on Friday sold shares worth Rs 2,519.03 crore on a net basis.