New Delhi. The spectacular rally of the Indian stock market today also had a very positive effect on the condition of the rupee in the Indian currency market. The rupee got a lot of support today on positive global cues and encouraging domestic economic cues. Due to this, the rupee registered a strength of 23 paise against the dollar.
According to experts, the reason behind the strengthening of rupee in the currency market today was the increase in the arrival of other major international currencies including the dollar in the Indian currency market and the weakness in the price of dollar in the foreign market was also the main reason. Due to domestic and global cues, the rupee today gained 23 paise to close at Rs 73.64 against the dollar.
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In the inter-bank foreign exchange market this morning, the rupee opened with a strength of 9 paise at Rs 73.78 against the dollar. From the beginning today, the position of rupee remained strong in the currency market due to favorable global cues and the strength of the stock market. During the day’s trading, due to increased demand for the dollar for some time, there was a slight fall in the value of the rupee and the rupee also reached the level of Rs 73.85 against the dollar, but this situation did not last long. Within a short time, the rupee made a great recovery and reached the level of Rs 73.61 per dollar, showing a strength of 26 paise as compared to yesterday’s closing level.
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This strength of rupee in the money market remained till some time before the close of business. However, last-minute outflow of money by some foreign portfolio investors led to a slight pick-up in demand for the dollar, due to which the rupee appreciated by 23 paise to Rs 73.64 per dollar from yesterday’s closing level. level closed. Earlier, on the last trading day i.e. on Wednesday, the rupee had closed at the level of 73.87 rupees, the lowest level of almost four weeks, with a weakness of 26 paise against the dollar.
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