New Delhi. The effect of the sharp selloff in the Indian stock market in the early stages was also seen in the currency market today. Due to heavy profit taking by Foreign Portfolio Investors (FPIs) in the stock market, the demand for dollars has become feared today. Due to this apprehension, the rupee started trading with weakness in the currency market today.
In the inter-bank foreign exchange market, the rupee opened with a weakness of 10 paise at 74.56 against the dollar today. Earlier on Thursday, the rupee had gained 16 paise on Thursday. The reason for this strength was the rupee closed at 74.46 against the dollar.
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It is believed that the movement of the rupee today will largely depend on the movement of foreign portfolio investors in the Indian stock market. If these investors withdraw their money from the Indian market to profit, then naturally the demand for dollars will increase. If this happens, while the dollar will strengthen, on the other hand the value of the rupee will fall further.
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