By Admin 
Dollar vs Rupee: The Indian rupee got some relief on Thursday amid the Iran war and continuously rising crude oil prices. After falling in the last two trading sessions in the domestic stock market, the rupee recovered from its lowest level in early trade today due to a very positive environment. The rupee strengthened by 48 paise to reach 91.57 against the US dollar.
Why did the rupee rise?
According to Forex Traders, selling by foreign investors is continuing amid high crude oil prices, strengthening of the American currency and increasing tension in West Asia, due to which there is heavy pressure on the Indian currency. The rupee opened at 92.16 in the Interbank Foreign Exchange Market. During trading it reached a high of 91.30 against the US dollar and was later trading at 91.57. In this way the rupee remained 48 paise stronger than the previous closing level.
A day earlier, on Wednesday, the rupee had fallen 56 paise against the US dollar and closed at its all-time low of 92.05. Meanwhile, the US Dollar Index, which shows the strength of the dollar against six major currencies, increased by 0.20 percent to 98.93.
According to stock market data, foreign institutional investors (FIIs) sold shares worth a net Rs 8,752.65 crore on Wednesday.
What do experts say?
Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP, said that the increasing conflict in West Asia and the rise in crude oil prices have dampened the enthusiasm of investors. High oil prices can increase both inflation concerns and fiscal pressure for a big importing country like India.
Strength was seen in the domestic market and at 9.17 am, Nifty 50 was trading at the level of 24,642.30, up by 162 points or 0.66 percent, while BSE Sensex rose by 521 points to reach the level of 79,636.89.
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