On Monday, the rupee strengthened against the dollar and closed at 79.02.
This is an increase of 22 paise over the previous close.
The rupee also reached the level of 79.0 against the dollar during trading.
New Delhi. The rupee on Monday gained 22 paise to close at 79.02 against the US dollar. The rupee exchange rate strengthened amid improving risk appetite of investors, a fall in crude oil prices and a weakening dollar. Also, the rupee has also been supported by increased confidence of foreign investors in the Indian market.
The rupee opened with strength at 79.16 in the inter-bank foreign exchange market. The rising trend in the stock market and softening of crude oil supported the rupee. Let us tell you that the Indian stock market has closed on the green mark for the fourth consecutive trading session. The effect of this increase is also visible on the rupee.
Rupee reaches Rs 79
At one time during the trading, the rupee remained at a high of 79.00 and at a low of 79.22. But at the end of trading, the rupee closed at a temporary price of 79.02 per dollar. In this way, a strong increase of 22 paise was recorded in the rupee compared to the previous trading day. On Friday, the rupee had closed at Rs 79.24 per dollar. Significantly, as the rupee strengthens, India’s purchasing power will increase. Along with this, the price of imported goods will also come down.
dollar index falls
Meanwhile, the dollar index, which measures the strength of the dollar against the world’s six major currencies, fell 0.52 percent to 105.34. Due to this, the dollar’s strength in the global market got a little shock. International oil standard Brent crude also fell 1.21 percent to $102.71 per barrel.
What is the opinion of experts
Anuj Choudhary, Research Analyst at BNP Paribas, said an improvement in risk appetite among investors, a fall in crude oil prices and a weakening dollar led to a strengthening of the rupee. I will have a mixed stance. Increase in foreign capital inflow and fall in crude oil will also support the rupee. However, apprehensions related to global slowdown and inflation may rein in this strength. Let us tell you that Foreign Institutional Investors (FIIs) have started investing in the Indian market again. According to available data, foreign investors invested about Rs 5000 crore in the Indian market in July.
FIRST PUBLISHED : August 01, 2022, 17:58 IST