The rupee improved by eight paise to close at 81.22 (provisional) per dollar on Thursday.
The rupee improved by eight paise to close at 81.22 (provisional) per dollar on Thursday.
The rupee on Thursday improved by eight paise to close at 81.22 (provisional) per dollar against the American currency at the Interbank Foreign Exchange market. The rupee strengthened against a broader weakening in the dollar after US central bank Federal Reserve Chairman Jerome Powell hinted at slowing rate hikes. Market sources said the business sentiment of investors has strengthened amid increasing foreign capital inflow and the rise in the domestic equity market.
The rupee opened at 81.08 at the Interbank Foreign Exchange market. It touched a high of 80.98 and a low of 81.32 during the day. The rupee finally closed at 81.22 per dollar, up by 8 paise over its previous closing price.
The previous closing price of the rupee against the US currency was 81.30 per dollar. Meanwhile, the dollar index, showing the weakness or strength of the dollar against the six major currencies of the world, declined by 0.41 per cent to 105.51. Global oil standard Brent crude futures declined 0.10 percent to $ 86.88 per barrel. At the same time, the 30-share BSE Sensex rose 184.54 points to close at 63,284.19 points.
According to stock market data, foreign institutional investors (FIIs) remained net buyers in the capital market and bought shares worth Rs 9,010.41 crore on Wednesday.
What will be the effect on the common man?
Let us tell you that the effect of rise and fall in rupee can be seen on the life of common people. This is also being seen in the form of inflation rate in recent times. Weakness in the rupee nullifies the effect of any shortfall in the commodity imported from the international market. Because of this, it takes more time to get the benefit of the fall in crude oil, because the import bill increases due to the weakness in the rupee amid the fall in prices and this keeps the burden on the exchequer.
At the same time, the common man gets the benefit when the prices of commodities fall in the global market and the rupee becomes stronger against the dollar.
(with language input)
Source: www.tv9hindi.com”