By Admin 
Rupee vs Dollar Today: The Indian currency started trading with strength against the dollar on Tuesday. The Indian rupee closed at 95.90 against the US dollar today with a gain of 63 paise. In fact, crude oil has fallen by about 10% to below $90 per barrel. The rupee got support due to the fall in crude oil prices in the international market and better sentiment in the foreign exchange market. The rupee strengthened against the dollar in early trade, which brought relief to importers and investors.
Got support from the fall of oil
India imports most of its crude oil needs. In such a situation, when the prices of crude oil fall in the international market, the possibility of reducing the import bill increases. This affects the Indian currency. The same thing was seen on Tuesday and the rupee gained against the dollar.
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Why did the rupee strengthen against the dollar?
- Fall in crude oil prices in international market
- support of foreign investors
- Dollar index softening
- Increasing trend of risk taking in global markets
- good profits of companies
What will be the impact on common people?
Due to strengthening of rupee, the cost of many products imported from abroad may reduce. Its benefits can be seen in the long run on petroleum products, electronics and other imported goods. People traveling abroad, studying abroad and making payments in dollars may also get some relief.
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Will the strength remain?
Market experts say that the movement of rupee in the coming days will depend on global developments, decisions of the US Federal Reserve, dollar index and crude oil prices. If crude oil remains soft and foreign investment continues, the rupee may strengthen further.