On Monday, there has been a rise in the rupee against the dollar.
The first trading day of the week has brought a lot of good news from the currency market. The rupee has seen a rise of 5 paise against the dollar. The major reason for this boom is the possible investment of foreign investors in the IPO. According to experts, the current week is very important for the stock market, which can be much better in terms of rupee. IPOs of Tata Capital and LG Electronics are opening this week. On the other hand, the IPO of Vwork is already open. In which investment can also support the stock market as well as money. According to experts, the rupee can see a rise of 30 to 40 paise in the current week. Let us also tell you that at present, which level data are being seen in the currency market.
Rupee rises
In the Interbank Foreign Currency Exchange Market, the rupee opened at 88.75 against the US dollar and then reached 88.74, which is five paise more than the previous closed price. On Friday, the rupee fell eight paise to close at 88.79 against the US dollar. Anil Kumar Bhansali, Treasury Head and Executive Director of Finrex Treasury Advisors LLP, said that we are entering a new week with three big IPOs of V-Work, Tata Capital and LG about Rs 31,000 crore. The flow of these IPOs is expected to increase in the rupee by 88.50 this week. Bhansali further said that “there is an atmosphere of vigilance in the market because global risk factor and domestic comprehensive economic figures are waiting for new signals to determine the direction of the rupee, which remains upwards.
Stock market gains, dollar indices increase
- Meanwhile, the dollar index, which assessed the dollar’s strength against six currencies, was trading at 98.05 with a gain of 0.34 percent.
- Global oil standard was trading at $ 65.48 per barrel in standard brent crude futures trading at $ 65.48 per barrel.
- Forex traders said that frequent foreign capital withdrawals and risk-free sentiments stopped the rapid increase in domestic currency. According to exchange data, foreign institutional investors on Friday sold equity worth Rs 1,583.37 crore on a pure basis.
- On the domestic stock market front, the Sensex rose by 67.62 points to 81,274.79 in early trade, while the Nifty rose 22.3 points to 24,916.55.
- Meanwhile, according to RBI data on Friday, India’s foreign exchange reserves fell by $ 2.334 billion to $ 700.236 billion during the week ended September 26. In the last reporting week, the reserves fell by $ 39.6 million to $ 702.57 billion.
What did Jaishankar say on the trade deal?
Meanwhile, External Affairs Minister S Jaishankar said on Sunday that any trade agreement between India and the US should honor the “target lines” of New Delhi and efforts are on to reach an agreement. In a dialogue session at an event, Jaishankar admitted that there are some “issues” between India and the US. Due to which the trade deal between the two countries is being delayed. Although he also said that “there are some things you can talk and there are some that you cannot talk.