Dollar Vs Rupee: Rs 17 paise stronger against dollar, foreign investment and market boom impact
Mumbai:
The Indian rupee strengthened 17 paise to 86.19 per dollar in early trade on Friday, March 21. The rupee gained this increase in the domestic stock market and positive stance of foreign investors. According to Forex traders, foreign portfolio investors (FPIs) and Foreign Institutional Investors (FIIS) are continuously investing in the Indian market, which is getting support to the rupee. Investors made pure purchases in equity for the second time this week, while there was heavy investment in Debt Market.
The rupee opened at 86.26 in the Interbank Forex Exchange Market and then reached 86.19, which shows the strength of 17 paise in the previous closed price.
Impact of foreign investment on market
On Thursday, foreign institutional investors (FIIS) made a net purchase of Rs 3,239.14 crore in the Indian stock market. Apart from this, an investment of Rs 5,500 crore was also seen in the Indian bond market. According to experts, due to India’s real yield 3.028%, foreign investors are considering investment here as attractive.
Dollar index and crude oil gains
The dollar index, which reflects the US dollar position against six major currencies, rose by 0.13% at 103.98. Brent Crude was trading at $ 72.32 per barrel in futures trading at $ 72.32 per barrel.
Strong strengthening in the stock market
Domestic stock markets are also doing positive business. In the afternoon trading, BSE Sensex (Sensex) was trading at 76,929.40 with a gain of 581.34 points or 0.76% in the afternoon trading at 76,929.40. NIFTY 50 also gained 165.10 points or 0.71% to 23,355.75.
Foreign investors have confidence in Indian market
The strength of the rupee reflects the increasing confidence of foreign investors towards the Indian market. In the coming days, global markets fluctuations, oil prices and dollar index will decide the direction of the rupee. At the same time, the decisions of the Federal Reserve and the fluctuations in international markets can affect the speed of the rupee.
