By Admin 
Dollar vs Rupee: Strength in the Indian rupee was also seen on the third trading day of the week i.e. Wednesday. In early trade, the rupee rose by 26 paise to reach 89.92 per dollar. The domestic currency was supported by the weak trend of the US dollar and sharp fall in global crude oil prices.
In the interbank foreign exchange market, the rupee opened at 90.20 per dollar and continued to strengthen to 89.92 per dollar, which shows an increase of 26 paise over the previous closing price.
There is a break in the decline of four seasons
Earlier on Tuesday, the rupee had strengthened by 12 paise and closed at 90.18 per dollar, breaking the decline of four consecutive sessions. Meanwhile, the dollar index, which shows the dollar’s position against six major currencies, fell 0.05 percent to 98.52.
stock market weakness
However, pressure remained in the domestic stock markets. In early trade, Sensex fell 169.64 points to 84,909.30 and Nifty slipped 42.35 points to 26,128.90. In the international market, Brent crude fell 1.05 percent to $ 60.06 per barrel, which provided additional support to the rupee.
Experts’ opinion
Anuj Chaudhary, commodity research analyst at Mirae Asset Sharekhan, said that due to the increasing geopolitical tension between the US and Venezuela, there is a risk aversion trend in the global markets, which may put pressure on the rupee in the future.
He said that the rise in crude oil prices and capital withdrawal by foreign institutional investors (FIIs) may limit the strengthening of the rupee. However, any possible intervention by the central bank amid weak dollar and soft US economic data may support the rupee at lower levels. According to stock market data, FIIs were sellers on Tuesday and sold shares worth a net Rs 107.63 crore.
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