By Admin 
Rupee vs Dollar: There was a decline in the Indian currency on the first trading day of the week. Amid the strengthening of the US dollar in foreign markets and rising crude oil prices, the rupee fell by four paise to 88.69 per dollar in early trade on Monday. Regarding this weakness in the rupee, CR Forex Advisors MD Amit Prabari says that the protection of the level of 88.80 by the Reserve Bank of India (RBI) has now emerged as a clear boundary line, due to which the Dollar-Rupee (USD/INR) is not able to go above this level.
Why the fall in rupee?
Strong resistance is being seen in the market between 88.80 to 89.00, while support level is present around 88.40. This situation indicates that the rupee may go through a period of limited consolidation within this range in the near term.
Forex traders say that the sentiment of rupee remains weak due to global uncertainty. In the Interbank Foreign Exchange Market, the rupee opened at 88.64 per dollar and later reached 88.69 per dollar, which shows a decline of four paise from the previous closing price of 88.65. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, rose 0.08 percent to 99.68.
stock market boom
On the other hand, in the domestic stock markets, the 30-point Sensex on BSE rose 202.48 points to reach 83,418.76 in early trade. Whereas, Nifty-50 on NSE also stood at 25,560.95 with a gain of 68.65 points.
In the international market, Brent crude was trading at $ 64.05 per barrel with a gain of 0.66 percent. At the same time, according to stock market data, foreign institutional investors (FIIs) were net buyers of shares worth Rs 4,581.34 crore on Friday.
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