Rupee vs dollar: During the early trade in the Indian domestic market, on Tuesday, August 13, 2024, the rupee declined by 6 paise during early trade and it broke down against the dollar to 87.69. Foreign currency traders say that the Indian currency is trading in a very limited range due to the steps taken by the RBI to ensure that there is no drop in the rupee.

Weak rupee uncertainty in trade deal

The rupee opened at 87.63 per dollar in the Interbank Forex Exchange Market and reached a low of 87.69 against the US dollar in early trade, showing a weakness of six paise in the previous closed price. A day earlier, on Monday, the rupee closed at 87.63 with a strong 12 paise. It fell at 98.01 with a decline of 0.08 percent in the dollar index showing the US dollar position against six major currencies.

Strength in stock market

Domestic stock markets saw a boom on Tuesday. The BSE Sensex rose by 327.79 points to 80,563.38, while NSE Nifty-50 also closed at 24,599.55 with 112.15 points. International standard Brent crude was trading at $ 66.18 per barrel with a gain of 0.09 percent. According to the stock market data, foreign institutional investors (FII) purely sold shares worth Rs 3,398.80 crore.

Anuj Chaudhary, research analyst (commodity and currency) of Miraye Asset Sharekhan, says that due to the tariff war between India and the US, we estimate that the rupee will trade with a negative attitude. Continuous withdrawal of foreign institutional investors (FIIs) can also put pressure on the rupee. He said that the rupee can get support at a lower level due to weakness in US dollar and decreasing prices of crude oil.

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Dollar vs rupee: On the one hand, while the announcement of 25 percent new tariffs imposed on India and the purchase of crude oil from Russia by US President Donald Trump, there was a stir in the stock market on Thursday morning, while crores of investors were drowned in a few minutes. Meanwhile, the Indian rupee on Thursday improved 14 paise to reach 87.66 against the US dollar during early trade on Thursday, which is its lowest level ever.

Recovery in rupee:

This recovery in the rupee has been seen at a time when the possibility of intervention of the Reserve Bank of India (RBI) increased after Trump’s warning. Foreign currency traders say that in the last three years, the rupee has come back a bit after the biggest decline in a day against the dollar. However, it is still trading with a negative attitude.

On Wednesday, the rupee reached a record low of 87.80 against the dollar. At the same time, the dollar index, depicting the US dollar position against six major currencies, fell 0.03 percent to 99.78.

stock market crash:

Indian domestic stock markets saw a decline after Trump’s tariff was announced. The BSE Sensex fell 582.49 points to 80,899.37 in early trade, while NSE Nifty also fell 151.70 points to 24,802.45. The price of International Standard Brent crude fell 0.19 percent to $ 73.10 per barrel.

According to stock market data, foreign institutional investors (FIIs) were pure selling on Wednesday. He sold shares worth Rs 850.04 crore. On the other hand, the Federal Reserve has not cut any kind of interest rates. Negotiations are going on between India and America about the trade agreement, which still keeps the expectation for exporters ..

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