Dollar vs Rupee: Dollar booms, Rupee becomes strong! Closed at 89.67 with a huge jump of 53 paise.

Dollar vs Rupee: The rupee strengthened by 53 paise to close at 89.67 per dollar in the interbank foreign exchange market on Friday. The rupee strengthened amid increasing dollar inflows and softening crude oil prices. Forex traders said positive trends in domestic stock markets and Brent crude oil prices remaining around US $ 59 per barrel supported the domestic currency at lower levels. He said that the rise in the rupee against the dollar after hitting record lows in recent weeks was probably due to the intervention of the Reserve Bank of India.

The rupee opened at 90.19 against the US dollar in the interbank foreign exchange market. During trading it reached a high of 89.25 per dollar, which is 95 paise more than the previous closing price. It finally closed at 89.67 per dollar, which shows an increase of 53 paise from the previous closing price. The rupee had strengthened by 18 paise and closed at 90.20 against the US dollar on Thursday.

Due to strengthening of rupee against dollar

Anuj Chaudhary, research analyst at Mirae Asset Sharekhan, said the Indian rupee strengthened for the third consecutive session on Friday due to dollar inflows from companies and falling crude oil prices. Strength in domestic markets also supported the rupee. Choudhary said the rupee is likely to fall due to selling pressure from foreign investors and jitters over the delay in the India-US trade agreement. However, overall weakness in the US dollar index and crude oil prices could support the rupee at lower levels, he said.

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Dollar index up 0.24 percent

The spot price of US Dollar-Indian Rupee is expected to be between 89.90 to 90.50. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, stood at 98.66, up 0.24 per cent. domestic stock market Sensex rose 447.55 points to 84,929.36 while Nifty fell 150.85 points to close at 25,966.40. International standard Brent crude fell 0.37 percent to $ 59.60 per barrel. According to stock market data, foreign institutional investors (FIIs) were net buyers in the market. He bought shares worth a net Rs 1,830.89 crore on Friday.