Rupee Gets Tracking Stock In Course For Best Month Since August And When Oil Prices Rise

The rupee rose to 75.67 against the US dollar in early trade

The rupee got an early touch Thursday on a strong domestic bourse, which is on track for their best month since August.

What also helped the currency was the sharp fall in oil prices as the US administration was expected to extract 1 million barrels of crude oil a day for several months from their Strategic Petroleum Reserve (EC).

Reuters quoted the rupee as last changing hands at 75.75 against the dollar from Wednesday’s close of 75.90, while PTI reported the currency rose 23 paise to 75.67 in opening trade on Thursday.

On interbank foreign exchange, the rupee opened at 75.67 against the US dollar, registering a 23 paise increase from the previous close.

But the dollar index, which measures the strength of the U.S. dollar against a basket of six currencies, rose 0.14 percent, last trading at 97.92.

The energy -sensitive rupee has been boosted by a sharp fall in oil prices, by nearly 6 percent to $ 108 a barrel.

What also enhances the attractiveness of the rupee is the statement from the International Monetary Fund that India has received a record number of foreign direct investments in recent years despite the COVID-19 crisis and has some protections in place to reduce risk from capital. flowing.

The large forex reserves of the Reserve Bank of India are one such protection.

In March, the domestic bourse had a good journey, with Indian stocks on track for their best month since August.

Stock exchange data showed foreign institutional investors (FII) remained net buyers in the capital market on Wednesday when they bought shares worth Rs 1,357.47 crore.


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