The Indian rupee increased its value by 38 paise, reaching 84.58 (provisional) against the US dollar on Wednesday, April 30, because traders remained optimistic about trade negotiations and continuous foreign fund inflows. The forex market maintained positive momentum due to US President Donald Trump indicating that talks about trade tariffs with India showed constructive developments. The statement from Donald Trump to Indian investors created more confidence, boosting their support for the rupee’s strength against the dollar.
The interbank foreign exchange market operated with the rupee starting at 85.15 during the session while trading within the wide price range between 84.47 and 85.15. The currency ended its session at 84.58 while exceeding the previous close by 38 paise at 84.96. The Indian rupee had already increased by 27 paise on Tuesday which indicated positive changes in currency market sentiment.
Some obstacles continued to challenge the rupee despite its improved exchange rate position. The Indian rupee failed to expand its value because Pakistan-India geopolitical tensions and slow performance in local equity markets restricted its overall growth. Stock market indices showed slight fluctuations during the trading session, with BSE Sensex at 80,242.24 to register a 0.06% drop and NSE Nifty maintaining its value at 24,334.20 by declining 0.01%.
At the international market level, the US dollar demonstrated robust strength. The dollar index increased by 0.20% to reach 99.44 during the day, since the index compares dollar values to six significant currencies. The rupee received support from declining Brent crude because the international oil benchmark declined 0.81% to reach $63.73 per barrel, which reduced concerns about India’s oil import costs.
Foreign institutional investors (FIIs) maintained their position as net buyers when they invested Rs 2,385.61 crore in Indian equities on Tuesday, thus providing support for both market sentiment and Indian currency strength.
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