At the start of the week, the Indian Rupee rose 12 paise compared to the US Dollar to reach 85.33 due to declining oil prices and stable foreign portfolio investments in Indian equities. The domestic currency finished Friday at 85.45 while the Monday opening showed only slight improvement. Indian rupee rose due to constant outside investment in the stock market and reduced crude oil costs in global markets, which had strained the currency’s value in previous weeks.
The Indian rupee holds a 0.20 percent upward position for April as market trade continues through three upcoming sessions. A volatile period then ensued because of mounting tensions between Pakistan and India. The Indian stock market witnessed increased geopolitical tension when Pakistan violated the LoC ceasefire after the Pahalgam terror attack took place last week. Rising tensions between India and Pakistan maintained a short-term static period for the rupee exchange rate.
Friday brought positive trends as Foreign Portfolio Investors (FPIs) pumped ₹2,952.33 crore into Indian equity funds, marking their eighth successive day of investments, which amounted to ₹32,500 crore during this period. A total of ₹32,500 crore inflows occurred throughout the period after FPIs engaged in buying on day eight. The prolonged FPI investment practices have stabilised the Indian rupee value while allowing it to gain ground against the dollar currency.
The US Dollar Index pushed the rupee downwards because it increased its 0.19 percent value to 99.66 at 9:15 AM IST, because it gauges major currency movements against the dollar. The global oil price dropped marginally because of the current events in Iran.
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