US dollar loses its arrogance against Indian rupee, know how much more money has strengthened today

Currency Market News: During the initial trading in the domestic stock market, the Sensex rose 229.22 points to reach the level of 83,985.09. Whereas, the Nifty rose 73.5 points to reach the level of 25,622.50.

 

Rupee vs Dollar: Amid the peace coming after the ceasefire in West Asia, the Indian rupee has been witnessing a steady rise in recent days. Amid strong investment by foreign institutional investors and positive sentiments in the domestic stock market, the rupee strengthened by another 23 paise on Friday, the last trading day of the week. After this, the Indian rupee reached the level of 85.49 against the US dollar.

Foreign exchange traders said the sharp gains in the local currency were slightly dampened by higher global crude oil prices and a slight strengthening of the dollar.

 

 

Rupee strengthened

The rupee opened at 85.50 against the dollar in the interbanking foreign currency exchange market. After this, it again reached 85.49 per dollar, which shows a strength of 19 paise from the closing price of the previous day. On Thursday, the rupee closed at 85.72 against the US dollar. Meanwhile, the dollar index, which shows the position of the US dollar against six major currencies, rose by 0.10 percent to 97.24.

strength in stock market

 

Here, during the initial trading in the domestic stock market, the Sensex rose 229.22 points to reach the level of 83,985.09. Whereas, the Nifty rose 73.5 points to reach the level of 25,622.50. International standard Brent crude remained at $ 68.05 per barrel with a jump of 0.47 percent. According to stock market data, foreign institutional investors were buyers on Thursday and they bought shares worth Rs 12,594.38 crore in net terms.

 

Dilip Parmar, Research Analyst at HDFC Securities, says that the Indian rupee and stocks have strengthened, mainly due to the weak US dollar index and increased dollar investment through IPOs. The dollar index has reached a three-year low amid speculation of an earlier-than-expected cut in interest rates in the US.