Rupee vs Dollar: The strength seen in the Indian rupee a day earlier could not be sustained on the next trading day. As soon as the second trading day of the week started on Tuesday, the rupee fell by seven paise to 90.96 against the US dollar. The rise in global crude oil prices and the strong trend of the dollar increased pressure on the domestic currency.
Finrex Treasury Advisors LLP Anil Kumar Bhansali, treasury chief and executive director, said that the rupee strengthened to 90.67, but this gain did not last as the stock markets could not maintain their initial high levels. They said that Supreme Court of the United States Despite the favorable decision, the rupee did not appreciate significantly and with every fall, importers and foreign portfolio investors bought dollars. According to him, the rupee may remain in the range of 90.60 to 91.00.
Why did the rupee break?
According to foreign exchange traders, the weak start of the domestic stock market increased the pressure on the rupee. However, buying by foreign investors helped arrest the sharp decline.
In the interbank foreign exchange market, the rupee opened at 90.91 and slipped to 90.96, showing a decline of seven paise from the previous closing price. On Monday, the rupee had closed at 90.89 with an increase of five paise. Meanwhile, the dollar index increased by 0.11 percent to 97.81, which reflected the strength of the dollar.
stock market crash
Weakness was also seen in the domestic market. BSE Sensex fell 525.29 points to 82,769.37, while Nifty 50 Slipped 145.85 points to reach 25,567.15.
international standards Brent Crude It rose by 0.85 percent to reach $ 72.10 per barrel, which created additional pressure on the rupee due to the fear of increasing import bill. According to stock market data, foreign institutional investors (FIIs) remained buyers on Monday and bought shares worth Rs 3,483.70 crore, which provided some support to the market.
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