Rupee strengthens against dollar for the second consecutive day, the effect of reducing tensions between Russia and Ukraine

Rupee opened at a level of 75.24 against the dollar and with strength, the rupee reached a day’s high of 74.96 during trading. At the same time, the dollar index fell by 0.19 percent to 95.8.

Rupee strengthens for second consecutive day against dollar

Against the dollar today for the second consecutive day Rupees ,dollar vs rupee) There has been an increase in the price and the domestic currency has closed at the level of 75.07 with the strength of 25 paise in Wednesday’s trade. Rupees (rupeeToday’s strength comes after reports of de-escalation of tensions between Russia and Ukraine, due to positive cues, investors’ risk appetite has increased and the rupee has got support. In addition, crude oil (crude oilDue to less apprehensions about the supply of At the same time, the dollar index, which shows the performance of the dollar against 6 important foreign currencies, has seen a decline today.

how was today’s business

In Wednesday’s trade, the rupee opened at a level of 75.24 against the dollar and with strength, the rupee reached a day’s high of 74.96 during trading. Today, the beginning of the rupee became its lowest level of the day. At the end of trading, the rupee closed at 75.07, which is 25 paise stronger than the previous closing level. On Tuesday, the rupee had gained 28 paise to close at 75.32. Earlier, the rupee had seen a decline for 5 consecutive days. With the statement coming from Russia that it is withdrawing part of the army from the border of Ukraine to reduce tension. There was an increase in the markets around the world and the fall in crude oil was registered. The benefit of which was also seen in the domestic markets and the rupee strengthened. Along with the announcement of Russia, the US President had also made a statement that he does not want a confrontation and wants to resolve the dispute through dialogue. With these signals, investors heaved a sigh of relief and there was a softening in crude oil due to the speculations of increasing supply. Today the benefit of which got Rs. At the same time, today the dollar index fell by 0.19 percent to the level of 95.8. Brent crude has currently reached below the level of $ 95 per barrel.

What is the opinion of market experts

Sugandha Sachdev, Vice President, Commodity & Currency, Religare Broking said that due to eased tensions between Russia and Ukraine, the risk appetite of the market has increased and the rupee has benefited from it. Along with this, weakness in dollar and fall in crude oil also supported the rupee. He said that the market is now waiting for information related to the meeting of the Federal Reserve. After the release of the minutes of the meeting, it will be known what the Fed can take next. He said that after rising the level of 74.8 is a very important level for the rupee, if the rupee is able to stay firmly above this level then only further growth can be expected in it.

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