In the last 10 days, except for one or two days, there has been a rise in the stock market. On the other hand, ever since the tension between Iran and America has reduced and there has been a decline in AI stocks, foreign investors have again started turning towards India. Most importantly, the prices of crude oil have come down significantly. If we look at the figures, the price of Brent crude has decreased by more than 23 percent in a month.
Despite all these positive things, the rupee continues to fall. The rupee has once again reached near 95 dollars against the dollar. According to experts, there is a continuous rise in the dollar index. Due to which the rupee is continuously suffering losses. According to experts, if there were no positive sentiments like oil and FII, the rupee would have come somewhere between 96 and 97. Let us also tell you what kind of figures are being seen in the currency…
Due to continuous strengthening of the dollar, the rupee fell by 10 paise to 94.86 against the US dollar in early trade on Wednesday. However, forex traders say that the sharp fall in global crude oil prices and FII investment helped prevent the local currency from falling further. At the Interbank Foreign Exchange, the rupee opened at 94.88 and then gained marginally to 94.86, which was 10 paise lower than its previous close. On Tuesday, the rupee had fallen 13 paise and closed at 94.76 against the US dollar. The special thing is that there is a continuous decline in the rupee against the dollar. That too when RBI is taking all measures to save the currency.
Choice Broking's Commodity Analyst Kaveri More said that the rupee opened weak against the dollar and remained under pressure for the third consecutive session as the dollar remained very strong. Early trade suggests the pair may remain on the upside as demand from importers and dollar buying continues to exceed supply from select exporters.
He further said that if it crosses 95 level and sustains above, it can go to 95.50 and then 96.00 level, while immediate support is seen around 94.10-94. Its direction in the near future will depend on dollar sentiment, crude oil trend and foreign portfolio flows, and the presence of RBI will keep the fluctuations under control. At present, the market sentiment is cautious and the decline can be used to create long positions in the dollar.
Meanwhile, the dollar index, which measures the dollar's strength against a basket of six currencies, was trading at 101.48, up 0.08 per cent. Global oil benchmark Brent crude was trading 1.02 percent lower at $76.29 per barrel in futures trade. In the domestic equity market, Sensex rose 187.63 points to 76,388.31, while Nifty also rose 57.75 points to 23,878.85. According to exchange data, foreign institutional investors (FIIs) bought shares worth Rs 17.86 crore on a net basis on Tuesday.
