Rupee Vs Dollar: The rupee has fallen by 24 paise to 79.69 against the dollar in early trade today due to the strength of the US dollar in foreign markets and fall in domestic stock markets. The rupee is open at 79.60 against the US dollar in the Interbank Foreign Currency Exchange market. It started with a fall of 15 paise as the rupee closed at 79.45 yesterday.
Rupee falls to 79.69 in day’s trade
With the progress in today’s business, the rupee has fallen by 24 paise to 79.69 against the previous closing price of 79.45 and it had shown the level of 79.58 above. Selling in the domestic stock market and withdrawal of foreign funds is believed to be the reason behind the fall in the rupee.
There was a strong rise in the rupee yesterday
The rupee on Wednesday had gained 29 paise to close at 79.45 against the dollar. The reason for yesterday’s rally was heavy buying in domestic stocks and continued investment by foreign capital investors, due to which the sentiment of investors got strengthened. Traders said that apart from this, fall in crude oil prices and easing of currency pressure also supported the rupee.
what the experts say
HDFC Securities Of Research Analyst Dilip Parmar Said that the Indian rupee has got enough support after softening crude oil prices and increased investment of foreign funds. However, traders are cautious before the details of the FOMC meeting are revealed and corporates are expected to withdraw dollars from the market in the coming days, which can limit the rise in rupee.
Dollar Index Movement, Image of FII and Crude
Meanwhile, the dollar index, which shows the position of the US dollar against the six major currencies, rose 0.06 per cent to 106.64. Global oil benchmark Brent crude futures rose 0.14 per cent to $ 93.78 per barrel. According to provisional data of the stock market, foreign institutional investors have bought shares worth a net Rs 2,347.22 crore on Wednesday.
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