Rupee weakens against dollar, gains in market gains amid softening crude oil
Rupee strengthens against dollar
Today, there has been a decline in the dollar index against 6 major foreign currencies, while the stock markets have closed with an increase today. On Tuesday itself, the rupee had declined to the level of 76.5.
rupee against dollar ,Dollar Vs RupeeToday the weakness has stopped, in the domestic stock market (stock marketThe rupee on Wednesday rose 20 paise to 76.30 against the dollar amid gains and softening crude oil prices. Crude oil (Crude) today, but after the sharp fall in the last trading session, Brent crude has come down from the level of $110, even after today’s gain, it remains below this level. With this, there has been an increase in the stock market today. At the same time, today Union Minister Piyush Goyal said that weakness in rupee against dollar is negative for the economy in the long term.
how was today’s business
In the currency market, the rupee opened with strength at 76.41 per dollar today. During trading, the rupee went up to a high of 76.16 per dollar, on the same decline, the rupee reached the level of 76.52 and finally closed at 76.30 per dollar. This shows the strength of 20 paise compared to the previous trading day. Due to this, the rupee had declined by 21 paise on Tuesday to close at 76.50 per dollar. Praveen Singh, AVP Currency and Commodity Analyst, Sharekhan by BNP Paribas said, “Reducing crude oil prices and bullish rupee in the domestic stock market is trading with gains. Meanwhile, the dollar index, which measures the strength of the dollar against the world’s six major currencies, was trading at 100.35, down 0.06 percent. At the same time, Brent crude futures, the standard of crude oil at the international level, rose 0.76 percent to $ 108.06 per barrel. Today, the 30-share Sensex of BSE closed at 57,037.50 with a gain of 574.35 points and the Nifty also climbed 177.90 points to reach 17,136.55 points. According to stock market data, foreign institutional investors were net sellers today. He sold shares worth Rs 5,871.69 crore on Tuesday
Weak rupee is not good for the country
At the same time, Union Minister Piyush Goyal said that the weakness of the rupee during the long period is not right for the country. In fact, when asked whether the weakness in the rupee can be used to increase exports, the Union Minister said that a weakness in the domestic currency is not in the interest of the nation, he said that many people believe that their currency should be used to increase exports. Weakening it is beneficial but the reality is that a weak currency is not in the interest of the nation in the long run.