By Admin 
Rupee vs dollar: Despite raising tariff rates on Indian exporters a day earlier, the Indian rupee stood fearlessly and strongly against the US dollar as soon as the market opened on Thursday. The stock market may see a decline- the Sensex fell 454 points and the Nifty went down to 24,450, but on the other hand, the rupee increased by 5 paise to 87.67 per dollar in early trade. Forex traders say that this aggressive step of President Trump will affect selected Indian exports. These additional tariffs will be applicable to India in 21 days.
Rupee ineffective from tariff
The rupee opened at 87.69 today against the US dollar in the Interbank Forex Exchange Market. After this it reached the level of 87.67, which is 5 paise more than the previous closed price. The rupee rose 16 paise to close at 87.72 against the US dollar on Wednesday.
Selling of foreign institutional investors
Meanwhile, the price of Brent crude in futures trading rose 0.99% to $ 67.55 per barrel. The dollar index showing the US dollar position rose 0.04 percent to 98.21 against the six major currencies. According to the stock market data, foreign institutional investors (FIIs) on Wednesday sold shares worth Rs 4,999.10 crore.
India has reacted strongly to the tariff imposed by the US. In a statement, the Ministry of External Affairs has termed this decision as irrational. The ministry said that it has already clarified its position on the issue that India’s import is based on market factors. Also, it is India’s priority to ensure energy security of 140 crore people.
The Ministry of External Affairs said that it is unfortunate that the US has decided to impose additional tariffs on India. Many countries are taking similar decisions to protect their national interests.
Also read: Trump’s double tariff injury caused market, 250 points broken Sensex, Nifty close to 24500