Rupee rises in early trade, reaching 79.39 against the dollar

New Delhi, (thestates.news): The rupee is showing a tremendous upward trend against the dollar today. In the trading of the money market, the rupee has started trading today with a strong strength of 23 paise against the dollar. It is believed that the movement of foreign investo₹ in the Indian market is playing an important role in this strengthening of the rupee. Due to the increased inflow of dollars into the Indian market by foreign investors, the value of the rupee in the money market has got a lot of support. In the inter-bank securities exchange market today, the Indian rupee started trading with a gain of 23 paise at Rs 79.53 against the dollar. Earlier in Thursday’s trade, the rupee had gained 15 paise to close at 79.76 against the dollar.

In fact, in Thursday’s trading in the Indian stock market, foreign investors made all-around purchases and indicated that the flow of dollars in the Indian market is going to increase once again. This is the reason that today the rupee started trading with a strength of 23 paise in the currency market. Shortly after the commencement of trading, the rupee appreciated by 36 paise to 79.39 against the dollar due to an inflow of dollars in the currency market.

According to market expert Mayank Mohan, due to the strong return of foreign portfolio investors in the Indian stock market, the inflow of dollars in the money market has increased. The rupee, which is under constant pressure against the dollar, has gotten a lot of relief. On the other hand, due to the role of net buyers of foreign investors in the Indian stock market, the continuous selling on their part has also stopped, due to which the demand for dollars has also reduced compared to earlier.

Mayank Mohan says that apart from the change in the attitude of foreign investors, the remaining problems of the money market remain the same. Because the demand for the dollar has not decreased significantly because of import commitments and their payments. Despite this, the withdrawal of dollars by foreign investors has also been stopped after the sell-off stopped. As a result of this, the rupee has not only received relief in the money market, but it has also formed a bullish trend against the dollar. (HS)