November 30, 2022

The rupee rose 30 paise to close at 81.63 against the dollar. The rupee strengthened, gaining 30 paise and closing at a record high in the market

The dollar index fell 0.19 percent to 105.87. At the same time, crude oil prices are also falling. These signs have helped Rs

The rupee is strengthening against the dollar

A weaker dollar in overseas markets and a rise in domestic equities boosted business sentiment among investors, which led to the rupee closing higher by 30 paise at 81.63 against the US currency in the interbank foreign exchange market on Thursday. Marketmen said weak US economic data and signs of easing of the Federal Reserve’s accommodative stance weakened the dollar in international trade. The benefits of which are given in local currency. At the same time, investors’ confidence in the capital market has increased from a record level.

How was the market today?

The Interbank Foreign Exchange market opened at Rs 81.72. After touching an intraday high of 81.60 and an intraday low of 81.77, the rupee finally gained 30 paise to settle at 81.63 against the US currency. The rupee closed down 26 paise at 81.93 against the US dollar in the interbank foreign exchange market on Wednesday. Meanwhile, the dollar index, which tracks the dollar’s weakness or strength against six major world currencies, fell 0.19 percent to 105.87. It made a profit of Rs.

Among other factors weighing on the rupee, global oil benchmark Brent crude futures fell 0.32 percent to $85.14 a barrel. At the same time, BSE’s 30-share Sensex rose 762.10 points to close at 62,272.68 points. According to capital market data, foreign institutional investors (FIIs) remained net sellers in capital markets. He sold shares worth Rs 789.86 crore on Wednesday.

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India benefits from weakness in dollar and crude oil

Weakness in the dollar and crude oil is expected to benefit the Indian economy. A strengthening rupee and fall in crude oil will reduce India’s import bill, which will not only affect the inflation rate, but also help strengthen the Indian exchequer. If this trend continues, retail oil prices in the country are likely to fall, which will help in controlling inflation.

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