Rupee vs dollar: Indian rupee showed power, stronger on 9th consecutive day against dollar
New Delhi:
Foreign cash inflow and improvement in Crude Oil Price (Crude Oil Price) against the dollar Rupee The strength continues. On Monday, the 9th consecutive session saw a rise in the rupee, where it opened 3 paise against the dollar at 85.94. At the same time, there was not much movement in the dollar index.
RBI’s purchase and selling swap auction
The rupee closed at 85.97 on Friday, and with this strength it has become the longest fast after January 2024. The Indian currency has strengthened by 1.83% so far in March due to the continuing lethargy in the dollar index.
The Government of India also does not want its central bank to be called a ‘currency manipulator’ on behalf of US President Trump, and perhaps this is why RBI allowed this strength to remain in the rupee on Friday. According to Bhansali, the rupee can remain within the range of 85.60 to 86.60.
Great recovery in Indian rupee
Abhishek Goenka, Founder and CEO of India Forex and Asset Management (IFA Global), said that the Indian rupee recorded its strongest weekly lead in more than two years, with a rise of 1.2% to close at 85.9725 against the US dollar. It has so far recovered about 50% of its journey from 84 to 87.95.
He said that this boom was supported from strong foreign investment, including rebelling of FTSE All-World Index, an estimated $ 1.5 billion investment and better environment in domestic equity.
Rupee strengthened due to fall in crude oil prices
Initial trading saw a decline in crude oil prices, which strengthened the rupee. OPEC+, an organization of Petroleum Export countries, announced that they would resume the production that was closed from April. According to Bloomberg, after this decision, production will increase by 138,000 barrels per day, which will be seen for the first time in connection with the monthly increase. Crude oil was trading at $ 71.36 per barrel till 10:55 am.