Tuesday, January 31, 2023
HomeBusinessRupee Vs Dollar: Rupee returned strength, climbed 23 paise to 79.39 after...

Rupee Vs Dollar: Rupee returned strength, climbed 23 paise to 79.39 after opening at 79.53

Rupee Vs Dollar: The rupee is trading with a strong momentum today and it has shown the level of 79.39 per dollar in the early trade itself. Today the rupee started with a gain of 23 paise and it opened at 79.53. The rupee had closed at 79.76 in yesterday’s trade. At the same time, in the early trading hours, the rupee has come down to the level of 79.39 per dollar.

Why is the rupee rising
The rupee closed higher on Thursday at the Interbank Foreign Currency Exchange market amid a firm trend in the domestic stock market. Sentiment of rupee strengthened on strong rally in local stock markets and US central bank Federal Reserve indicating not to adopt more aggressive stance. Traders said foreign inflows also supported the rupee. However, gains in the rupee were restricted in yesterday’s trade due to rise in global crude oil prices and strengthening of the dollar in overseas markets.

what the experts say
According to Sugandha Sachdeva, Vice President, Commodity and Currency Research Department, Religare Broking, the Indian rupee has managed to gain about 0.30 percent. After softening the aggressive stance of the US Federal Reserve, there was weakness in the dollar, which has supported the rupee.

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Dollar index and crude-FII condition
The dollar index, which measures the strength of the dollar against the world’s six major currencies, has risen 0.12 percent to 106.58. International oil benchmark Brent crude futures rose 1.37 per cent to $107.7 per barrel.

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