Rupee vs dollar: On Monday, the Indian rupee showed strength against the dollar on the first business day of the week. As soon as the market opened, the rupee gained 20 paise to 87.46 and later reached 87.39 per dollar. This strength comes at a time when there was a tremendous rise in the domestic stock market and Prime Minister Narendra Modi announced GST reforms in a historic address from the Red Fort on Independence Day.
Rupee strength
Foreign currency traders say that although there is uncertainty about trade tariffs between Indo-US, but currently the boom of the domestic market has supported the rupee. In the last trading session (Thursday) the rupee closed at 87.59. The currency and stock market remained closed due to Independence Day holiday on Friday 15 August.
Meanwhile, the dollar index, which showed the dollar status against six major currencies, rose 0.01 percent to 97.86. International standard Brent crude fell 0.06 percent to $ 65.81 per barrel.
Why is Indian currency strong?
Domestic stock markets also saw a boom. The BSE Sensex rose by 1,021.93 points to 81,619.59, while the Nifty rose by 322.2 points to trade at 24,953.50. However, according to the stock market data, foreign institutional investors (FIIs) were selling on Thursday and sold shares worth Rs 1,926.76 crore.
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