Indian rupee became stronger
Russian President Vladimir Putin has come to India on a two-day visit. With his arrival, good news has also come for India. There has been a tremendous rise in the rupee against the US dollar on Thursday. On Thursday, the Indian rupee showed a good recovery after emerging from a record fall. The rupee strengthened by 19 paise and closed at 89.96 against the dollar.
When the market opened in the morning, there was huge pressure on the rupee and it fell to the historic low of 90.43 for the first time. But later the rupee improved due to the news of dollar weakness and possible intervention of RBI.
The beginning was weak in the Forex market. The rupee opened at 90.36 and within a short time slipped to 90.43. Which is its weakest level till date. The reasons for the decline were selling by foreign investors, rising prices of crude oil and uncertainty regarding the India-US trade deal. But the situation improved as the day progressed and finally the rupee closed at 89.96.
According to PTI, America's ADP non-farm payroll data came in much weaker than expected, which increased pressure on the dollar. The dollar index fell 0.01% to 98.84. On Wednesday, the rupee crossed 90 for the first time and closed at 90.15, causing panic in the market.
On Thursday, there was also a rise in the domestic stock market, both the major indices of the market closed with a rise. Sensex closed at 85,265, up 158 points, while Nifty closed at 26,033, up 47 points. At the same time, if we talk about a day earlier, foreign investors had sold a lot from the market.
