Rupee strengthened by 27 paise: The rupee closed at 84.30 per dollar on Monday to close at 84.30 per dollar amid a sharp fall in crude oil prices and positive trend in the domestic stock market. Forex traders said that strong investment flow in the stock market reflects the constant interest of foreign investors in Indian assets. However, global uncertainties limited the profit of the rupee.
The rupee opened at 84.45 in the Interbank Forex Exchange Market and went up to the upper of 84.10 against the dollar and the low of 84.47. At the end of the trading, the rupee closed at 84.30 per dollar, showing a rise of 27 paise from its previous closed level.
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The rupee reached a seven-month high on Friday amid fluctuations. But in the end it closed at $ 84.57 per dollar with a decline of three paise. Jatin Trivedi, vice -president and research analyst (commodity and currency) of LKP Securities, said that the continuous investment of foreign institutional investors (FIIs) has brought the rupee support.
He said, in addition, a rapid decline of crude oil prices so far this year has also supported it, which has reduced India’s oil import expenses. Dilip Parmar, a research analyst at HDFC Securities, said that the rupee strengthened due to constant foreign investment and new demand for risk-operated assets in domestic stocks.
Meanwhile, the dollar index measuring the dollar strengthening against the world’s six major currencies fell 0.38 percent to 99.64. Global oil standard Brent crude futures fell 1.26 percent to $ 60.52 per barrel.
Forex traders said that the possibility of more supply and weak demand put heavy pressure on crude oil prices. The BSE Sensex in the domestic stock market rose 294.85 points to close at 80,796.84, while the Nifty rose 114.45 points to close at 24,461.15.
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According to the stock market data, foreign institutional investors (MIIs) remained pure buying in the capital market. He bought shares worth Rs 2,769.81 crore on a pure basis on Friday. Meanwhile, the Reserve Bank of India said on Friday that India’s foreign exchange reserves rose $ 1.98 billion to $ 688.13 billion during the week ended April 25. (Language)
Edited by: Chetan Gour
