On Tuesday, there is a rise in the rupee.
After the fast closure on Monday, there was a good rise in the rupee on Tuesday morning. By the way, this fast has not been seen. It has also seen the country’s banking regulator Reserve Bank of India; According to experts, the RBI has increased its presence in the offshore non-liberal forward (NDF) market to reduce the instability in the rupee. Because of which there is an improvement in the rupee.
On the other hand, there are signs of trade talks between India and America today i.e. from Tuesday. Due to which hope has increased among investors that trade relations between the two countries will be fine. Also, 50 percent tariff on India will be reduced. By the way, experts say that due to the selling of foreign investors and the rise in crude oil prices, the rupee can remain under pressure. Let us also tell you what kind of boom is being seen in the currency market on Tuesday morning.
There was a tremendous boom in the rupee
On Tuesday, the rupee rose by 12 paise to 88.04 against the US dollar in early trade. Investors are waiting for signs from the US-India trade talks to be held in New Delhi, where American talkctor Brendon Lynch will meet Indian officials on Tuesday. Foreign currency traders said that there is a constant pressure of uneven flow on the rupee and tariff shocks of US President Donald Trump. According to this, the Reserve Bank of India has increased its presence in the offshore non-librable forward (NDF) market to reduce instability. The effect of which is also being seen as a boom in the rupee.
How much increase in rupee
In the Interbank Foreign currency market, the rupee opened at 88.05 against the US dollar and then reached 88.04, showing a 12 paise gains in the previous closed price. In early trade, the rupee also reached 88.16 against the dollar. On Monday, the rupee rose 10 paise to close at 88.16 against the US dollar. This means that the rupee has seen about 22 paise in a few hours. According to experts, the rupee can also go below the level of 88 in the coming days.
Rupee will handle trade conversation
CR Forex Advisors MD Amit Pabari said that this week the rupee will depend on the US-India trade talks to be held in New Delhi. He further said that if there is real progress in the conversation, then it can open the door of a big success and give the rupee a much -awaited support, especially when India’s infra is already strong. On the other hand, experts say that RBI is also trying to handle the rupee. The effect of which can be seen more in the coming days.
From dollar, crude oil to stock market
- Meanwhile, the dollar indicator of the dollar’s strength against six currencies was trading at 97.22 with a decline of 0.08 percent.
- Global oil benchmark was trading at $ 67.61 a barrel by 0.25 per cent in crude futures trading.
- In the domestic stock market, in early trade, the Sensex rose by 201.69 to 81,987.43, while the Nifty rose 52.8 points to 25,122.
- According to the exchange data, foreign institutional investors on Monday sold equity worth Rs 1,268.59 crore on a pure basis.
Trade talks will start again
Meanwhile, Brendon Lynch, the chief negotiator of the Trump administration, will hold a one-day dialogue on the Indo-US bilateral trade agreement on Tuesday. Five round of talks have been held for the Indo-US bilateral trade agreement (BTA), and the sixth talks on August 25-29 were postponed by the US after 50 percent tariff on Indian goods. India’s exports have been affected after 50 percent tariffs on exports to the US. Last week, Prime Minister Modi warmly reacted to the positive assessment of US President Donald Trump of trade talks between the two countries and expressed confidence that the ongoing talks would pave the way to highlight the immense possibilities of partnership between the two countries.