After two consecutive days of losing, the Indian rupee went up by 7 paise and ended the day at 85.80 (provisional) per dollar. Equity markets within the country and rises in other Asian currencies mainly helped the recovery. They also mentioned that the fall in crude oil overnight had a positive effect on the recovery of the rupee. On the contrary, a rising US dollar index stopped the Indian rupee from going higher.
At the opening of the trading session in the interbank foreign exchange market, the rupee’s value stood at 85.86, and it had significant fluctuations throughout the day. The rupee touched a peak of 85.67 and reached a low of 85.96, ultimately ending the day at 85.80, 7 paise higher than it was on the previous close.
Currently, investors are watching the RBI’s monetary policy meeting to find out more about the central bank’s position in the present economy. Many analysts think that the way the RBI speaks and the changes it makes to policy will strongly affect short-term movements in the currency.
At the same time, the US dollar index inched up by 0.06% to 98.85 in spite of falling oil prices. Brent crude futures rose by 0.31% and closed at USD 65.05 per barrel.
There was an overall good mood among investors in domestic equity markets. The BSE Sensex increased by 443.79 points or 0.55% and ended at 81,442.04, while the NSE Nifty went up by 130.70 points or 0.53% to 24,750.90.
On Wednesday, foreign institutional investors (FIIs) added more shares to their holdings, which led to the stock market gaining and helped the rupee strengthen.
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