By Admin 
Indian Rupee vs US Dollar: The Indian rupee once again strengthened on Thursday. In early trade, the rupee rose by 40 paise to reach 87.68 per dollar. This rise in rupee has come due to the intervention of the Reserve Bank as well as better signals in the global market.
Reasons for rise in rupee
According to forex traders, positive domestic stock market, falling crude oil prices and new inflow of foreign capital have boosted investor enthusiasm. The rupee opened at 87.76 against the dollar in the Interbank Forex Market and reached a high of 87.68 in early trade. This shows a rise of 40 paise over the previous closing price.
A day earlier, i.e. on Wednesday also, the rupee had appreciated by 73 paise and it closed at the level of 88.08 against the dollar. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, fell 0.28 percent to 98.51.
Experts’ opinion
Mirae Asset Sharekhan’s Currency and Commodity Research Analyst Anuj Chaudhary says that due to weakness in the US dollar and strength of domestic markets, the rupee can maintain a positive trend. Besides, softening of global crude oil prices and new inflow of foreign investment are also expected to support the rupee.
Effect of strength in stock market
Strength was also seen in the domestic stock markets. BSE Sensex rose 407.67 points to 83,013.10 in early trade, while NSE Nifty 50 also rose by 104 points to 25,427.55. In the international market, Brent crude was trading at $ 62.37 per barrel with a gain of 0.74 percent. According to stock market data, foreign institutional investors (FIIs) remained buyers on Wednesday and bought shares worth Rs 68.64 crore.
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