New Delhi:
The rupee rose by 39 paise to 85.71 per dollar in early trade on Tuesday, April 15, with strengthening in Indian stock markets and reaching a record low of crude oil prices. Forex traders said that despite the withdrawal of foreign capital, weak American currency has strengthened local currency.
Traders say that the reason for the strength of the rupee is to postpone the additional 26 percent fee on the US administration by July 9.
The rupee opened at 85.85 per dollar in the Interbank Forex Exchange Market and reached Rs 85.71 per dollar in early trade, showing a gain of 39 paise in the previous closed price.
A strong gain of 58 paise in the rupee on the last trading day
Earlier, the rupee closed at 86.10 per dollar on Friday with a strong lead of 58 paise. At the same time, foreign currency markets were closed on Monday on the occasion of Ambedkar Jayanti.
US dollar continuously declined amid tariff tension
Meanwhile, the dollar index, which showed the US dollar status against six major currency, rose 0.06 percent but remained at 99.46 below 100. The US dollar recorded a decline of 0.7 percent on Monday. The decline led to the world’s other major currency measuring dollar index (DXY) to a three -year low. At the beginning of April, when US President Donald Trump announced ‘Liberation Day’ while presenting his aggressive tariff policies, the dollar has fallen by more than four percent.
Sensex- Rapid support in Nifty
The BSE Sensex rose by 1,516.53 points to 76,673.79 points in early trade in the domestic stock market, while the Nifty rose to 454.60 points to 23,283.15 points. Both index closed with a gain of nearly two percent on Friday.
International standard Brent crude fell by 0.06 percent to $ 64.92 per barrel.
According to the stock market data, foreign institutional investors (FIIs) were selling on Friday and purely sold shares worth Rs 2,519.03 crore.