Rupee opens stronger: After the ceasefire between India and Pakistan on the border, the positive trend in the market due to reduced tension and the US-China trade deal has added new enthusiasm to the Indian rupee. On Tuesday 13 May, the rupee strengthened 74 paise to 84.62 per dollar against the dollar.

Forex traders say that the frequent interest and purchases of foreign investors in Indian assets have given tremendous support to the local currency. Significantly, after the Pahalgam terror attack on 22 April, India attacked and demolished 9 terrorist bases in Pakistan and its occupied Kashmir on 7 May. After heavy tension between the two countries, India and Pakistan announced a ceasefire on Saturday to stop firing and military action immediately.

Rupee bounced after ceasefire

The rupee opened at 84.70 per dollar in the Interbank Forex Exchange Market. After that, he fell at 84.74 against the dollar. However, it again returned to 84.62 per dollar, which shows a gain of 74 paise against the previous closed price. The rupee closed at 85.36 against the US dollar on the last day of the last week i.e. on Friday.

The foreign exchange market was closed on Monday due to Buddha Purnima. Meanwhile, the dollar index, showing the US dollar position against six major currencies, fell 20 percent to 101.58.

Stock market declining phase

The Indian stock market saw a decline on Tuesday. The BSE Sensex slipped down 902.68 points to 81,527.22 points, while the Nifty slipped 207.15 points to 24,717.55 points. International standard Brent crude fell by 0.22 percent to $ 64.82 per barrel.

According to the stock market data, foreign institutional investors (FIIs) were living on Monday and purely bought shares worth Rs 1,246.48 crore. It is worth noting that the US and China recently informed about the two countries to be agreed between the two countries for the 90-day ban on each other.