By Admin 
Indian Rupee vs US Dollar: The Indian currency strengthened in early trading on Thursday, October 23, amid expectations of a possible trade deal between India and America. Rupee rose by 13 paise to reach 87.80 against the dollar. According to Forex Traders, foreign capital inflows and positive trend in domestic stock markets have strengthened investor sentiment.
In the Interbank Foreign Exchange Market, the rupee opened at 87.80 per dollar, which is 13 paise stronger than the previous closing price. Earlier on Monday, the rupee had closed at 87.93 per dollar.
Strength in Indian currency
Foreign exchange markets remained closed on Tuesday and Wednesday due to Diwali and Balipratipada. Meanwhile, the dollar index, which shows the position of the US dollar against six major currencies, rose by 0.15 percent to 99.04.
Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said that the rupee is strengthening due to expectations of a possible trade deal between India and America.
He said that after President Trump’s statement that India will gradually reduce the purchase of oil from Russia, the market is hopeful that this agreement can be approved soon. Bhansali said that after the agreement, there is a possibility of reduction of up to 16 percent of the existing 50 percent American tariff.
stock market boom
A bullish trend was also seen in the domestic stock markets. BSE Sensex rose 734.36 points to 85,160.70 in early trade, while NSE Nifty-50 touched 26,066.90 points with a gain of 198.3 points.
In the international market, Brent crude oil was trading at $ 64.24 per barrel with a gain of 2.64 percent. According to stock market data, foreign institutional investors (FIIs) remained buyers on Tuesday and bought shares worth a net Rs 96.72 crore.
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