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US Dollar vs India Rupee: The Indian stock market may have been strong during early trade on Thursday amidst the global boom after the US and Vietnam Trade and the Sensex went up to about 400 points, but the Indian rupee has not been taking the name of stopping for the last two days. The rupee weakened by eight paise today to 85.70 per dollar to 85.70 against the already weak US dollar.
Foreign Money Traders says that due to the vigilance of the Reserve Bank of India (RBI), the rupee is trading within a limited range. He believes that due to the continuous demand of the dollar from the central bank, there is a limited increase in the rupee.
Weak rupee
The rupee opened at 85.69 as compared to the dollar in the Inter Banking Foreign Money Exchange Market. The rupee reached a low of 85.70 against the dollar during early trade. This fall shows a decline of 8 paise over the last closed day. A day earlier, the rupee lost 3 paise against the US dollar to close at 85.62 levels.
Anil Kumar Bhansali, Treasury Chief and Executive Director of Finrex Treasury, LLP’s advisor, says that traders are waiting for the US trade deal and NFPR data to know the stance of the market. Meanwhile, the dollar index showing a US dollar status against six major currency rose 0.07 percent to 96.84.
The International Standard Brent crude fell down 0.72 percent to a price of $ 68.61 per barrel. Whereas according to the stock market data, foreign institutional investors (FIIs) on Wednesday sold shares worth Rs 1,561.62 crore on a pure basis.
