By Admin 
Indian rupee strongeer: The value of the rupee increased with the support of strong domestic basic factors like increase in foreign exchange reserves and capital flows. On Monday, the rupee saw a tremendous strength due to the selling of US dollar from foreign banks. Despite geopolitical tension, the rupee became the strongest against the dollar in the last two years. Around 11 am reached Rs 85.26 per dollar. The rupee closed at 85.45 in the last trading session.
Forex traders said that the continuous increase in foreign exchange reserves gives stability to the rupee. However, increasing tension between India and Pakistan may cause pressure on the rupee as such geopolitical uncertainty creates fear among investors. This causes the withdrawal from emerging markets and local currencies like rupee start to weaken.
Rupee strengthening
The interbank foreign currency exchange market opened at 85.29 against the rupee, which shows a growth of 12 paise in the previous closed price. After the initial deals, it came to a low of 85.42 against the dollar. The rupee closed at 85.41 against the US dollar on Friday. Meanwhile, the dollar index, showing the US dollar position against six major currencies, rose by 0.17 percent to 99.63.
International standard Brent crude rose 0.22 percent to $ 67.02 per barrel. The BSE Sensex rose 426.00 points to 79,638.53 points in the domestic stock market, while the Nifty gained 144.55 points or 0.60 percent to 24,183.90 points.
Stock market boom
According to the stock market data, foreign institutional investors (FIIs) were living on Friday and purely bought shares worth Rs 2,952.33 crore. The Reserve Bank of India (RBI) said on Friday that India’s foreign exchange reserves increased by $ 8.31 billion to $ 686.145 billion in the week ended April 18.
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