Indian rupee vs us dollar: The Indian rupee is continuously showing strength between positive sentiments and trump tariffs in the domestic market. During the early trade on Thursday, the rupee rose 14 paise to reach 86.93 against the dollar. Forex traders say that the expectations of peace between Russia and Ukraine have increased the risk of investors in global markets, which is supporting the rupee.
Why strengthen the rupee?
In the Interbank Foreign Exchange Market, the rupee opened at 87.04 as compared to dollars. After this it reached an initial high of 86.93 per dollar, which is 14 paise stronger than the previous closed price. On Wednesday too, the rupee closed firmly against the US dollar at 87.07. At the same time, the dollar index, which showed the dollar status against six major currencies, rose 0.08 percent to 98.30.
Stock market boom
The domestic stock market also saw a boom. The 30 -point Sensex of BSE rose 373.33 points to 82,231.17 points in early trade. NSE’s Nifty 50 was also trading at 25,144.85 points with a gain of 94.3 points.
In the international market, Brent crude rose 0.37 percent to $ 67.09 per barrel. At the same time, according to the stock market data, foreign institutional investors (FIIs) were selling on Wednesday and purely sold shares worth Rs 1,100.09 crore.
Major reasons for the strength of rupee
Expectations of peace between Russia and Ukraine
Risk appetite in global markets
Show up dollar index, but rupee remains strong
Domestic stock market boom
Sustainability in Brent Crude prices
Stay domestic sentiments positive despite the selling of foreign institutional investors
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