By Admin 
Dollar vs Rupee: A slight relief was seen on Tuesday amid pressure on the Indian rupee. The rupee rose by one paise to 90.73 per dollar amid the final phase of the proposed trade deal between India and America and fluctuations in the global market. The fall in global crude oil prices provided some support to the domestic currency.
In the Interbank Forex Market, the rupee opened at 90.72 and later fell to 90.73, which shows an increase of one paise from the previous closing price. On Monday, the rupee fell eight paise and closed at 90.74 per dollar. However, a strong US dollar and foreign capital outflows limited the rupee’s gains.
rise in indian rupee
The dollar index, which shows the dollar’s position against six major currencies, rose 0.23% to 97.14. In the international market, the price of Brent crude fell by 0.47% to $ 68.33 per barrel, which supported the rupee. At the same time, weakness was seen in the domestic stock market. Sensex fell more than 245 points to 83,031 and Nifty slipped 106 points to 25,576.
Foreign institutional investors (FIIs) sold shares worth Rs 972.13 crore on Monday, keeping market sentiments under pressure.
What do experts say?
According to Jatin Trivedi, Vice President (Commodity and Currency), LKP Securities, market participants are adopting a cautious approach, due to which the rupee is trading in a limited range. Despite the weakness in the stock market, a slight recovery later helped in keeping the rupee stable. Anuj Chaudhary, research analyst at Mirae Asset Sharekhan, says that investors will keep an eye on the housing market and GDP data coming from America this week.
He estimates that the dollar-rupee spot rate may trade in the range of 90.30 to 90.90. Overall, there has been relief from the softening of crude oil, but strong dollar and FII selling may keep the movement of rupee limited for now.
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