By Admin 
Rupee vs Dollar: There has been a tremendous decline in the Indian rupee this year. Recently the rupee had slipped below the record level of around 91 per dollar. However, there was a slight strengthening of the domestic currency in early trade on Tuesday and the rupee rose by three paise to reach 89.95 per dollar. The rupee was supported by a weak dollar and strong industrial production data.
Rupee strengthened
According to forex traders, the sharp rise in the rupee was limited due to continuous withdrawal of foreign capital, slight increase in crude oil prices and weak start of the domestic stock market. In the interbank foreign exchange market, the rupee opened at 89.98 against the US dollar and during trading it rose to 89.95 per dollar, which is three paise stronger than the previous closing price.
A day earlier i.e. on Monday, the rupee had closed at 89.98 per dollar. During this period, the dollar index, which shows the strength of the dollar against six major currencies, declined by 0.03 percent to 98.01.
A weak trend was also seen in the domestic stock market. In early trade, Sensex fell 209.32 points to 84,486.22 points, while Nifty fell 63.25 points to 25,878.85 points.
boost in industrial production
In the international market, the price of Brent crude stood at $ 61.96 per barrel with a slight increase of 0.03 percent. According to stock market data, foreign institutional investors (FIIs) were net sellers on Monday and sold shares worth Rs 2,759.89 crore.
Meanwhile, the strong performance of the mining and manufacturing sectors has indicated a pick-up in industrial activity. The growth rate in the country’s industrial production has reached a two-year high of 6.7 percent in the month of November, information about which was given in the official data released on Monday.
Also read: Gold rate reduced so much today on 30th December, know the latest price in your city.