By Admin 
Rupee vs Dollar: The Indian rupee has strengthened even amid the shock from the decision of the Supreme Court of the United States in America and the global uncertainty created by President Donald Trump’s proposal to increase the tariff to 15 percent. On Monday, the first trading day of the week, the rupee rose by 21 paise to reach 90.73 against the US dollar.
The domestic currency was supported by the sharp fall in global crude oil prices and the weakening of the dollar. In the inter-bank foreign exchange market, the rupee opened at 90.76 and gained further to reach 90.73, which is an increase of 21 paise from the previous closing price.
rise in rupee
Earlier on Friday, the rupee fell by 26 paise and closed at 90.94. Weakness in Dollar The dollar index, which shows the dollar’s position against six major currencies, fell by 0.33 percent to 97.47, which gave additional strength to the rupee.
Boom in the stock market: A positive trend was also seen in the domestic stock market. BSE Sensex rose 621.78 points to 83,436.49 in early trade, while Nifty 50 was seen trading at 25,751.30 with a gain of 180.05 points.
Fall in crude oil: The price of international standard Brent Crude fell by 1.09 percent to $ 70.98 per barrel. The softening of oil prices provides relief to an importing country like India and also supports the rupee.
increased foreign exchange reserves
However, according to stock market data, foreign institutional investors (FIIs) were sellers on Friday and sold shares worth Rs 934.61 crore. Despite this, the rupee remained strong due to improvement in global cues and weakness of the dollar.
Forex traders say that the strong start of the stock market and the increase in Indian foreign exchange reserves have strengthened the confidence of investors. According to the data released by the Reserve Bank of India (RBI) on Friday, the country’s foreign exchange reserves increased by $ 8.663 billion to a record $ 725.727 billion in the week ending February 13. This is the highest level ever.
Experts believe that strong foreign exchange reserves not only provide stability to the rupee but also give confidence to investors amid global economic uncertainties. Along with this, the rise in the domestic stock market and weakness in the dollar have also played an important role in creating a positive environment.
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