By Admin 
Indian Rupee vs US Dollar: In recent times, there was a huge decline in the Indian rupee. Selling by foreign institutional investors (FIIs) and strengthening of the US dollar had taken the rupee to historic lows. However, after the news of fall in crude oil prices and possible intervention of the Reserve Bank of India (RBI), there was a new rise in the Indian currency on Wednesday.
During early trade on Wednesday, October 15, the rupee strengthened by 88 paise to reach 87.93 per dollar. Forex traders say that the rupee got support due to the fall in crude oil and speculations about RBI intervention.
Why did the rupee rise?
In the Interbank Foreign Exchange Market, the rupee opened at 88.74 against the US dollar, but later gained momentum and reached 87.93 per dollar. This shows a strength of 88 paise compared to Tuesday’s closing price. However, during later trading the rupee weakened slightly to 88.33 per dollar. On Tuesday, the rupee had closed at its all-time low of 88.81 per dollar.
According to some experts, the US-India trade tariff is the only issue that is hurting investor sentiments. Anuj Chaudhary, currency and commodity research analyst at Mirae Asset Sharekhan, says that the rupee may benefit from weakness in global crude oil prices and investment by foreign institutional investors (FIIs).
There was enthusiasm in the stock market also
The dollar index, which reflects the position of the US dollar against six major currencies, declined by 0.20 percent to 98.85. Domestic stock markets also remained bullish — BSE Sensex rose 354.57 points to 82,384.55 while NSE Nifty rose 109.55 points to 25,255.05.
International standard Brent crude fell 0.43% to $ 62.12 per barrel. At the same time, according to stock market data, foreign institutional investors (FIIs) were in a selling mood on Tuesday and sold shares worth Rs 1,508.53 crore.
Also read: Gold prices are making a new record, gold on MCX crosses Rs 1,26,000, know the latest rate of your city.